The IPO Buzz: Biotech Lexeo Therapeutics Launches $126 Million IPO

Biotech Lexeo Therapeutics (LXEO proposed) launched its $126 million IPO today -Monday, Oct. 30, 2023 – for pricing this week. Lexeo Therapeutics disclosed its IPO terms – 9.0 million shares at $13.00 to $15.00 – in an S-1/A filing early today. The news injected some life – and the only $100-million-plus IPO – into the IPO Calendar for the week of Oct. 30, 2023.  The deal is expected to price Thursday night, Nov. 2, to trade Friday, Nov. 3, 2023, on the NASDAQ.

J.P. Morgan, Leerink, Stifel, RBC Capital Markets and Chardan are the joint book-runners.

Lexeo Therapeutics is a New York-based clinical biotech developing drugs to treat cardiovascular disease and Alzheimer’s disease. The company was founded through a collaboration between the gene therapy research team at Weill Cornell Medicine and a team of pioneering scientists, clinicians and business leaders with deep expertise in gene therapy, the prospectus says.

Like most clinical biotechs, Lexeo Therapeutics has a sizable net loss and minimal revenue. For the 12 months that ended June 30, 2023, Lexeo Therapeutics reported a net loss of $63.73 million on $530,000 of grant revenue.

In addition to Lexeo Therapeutics, this week’s IPO Calendar features the $50 million IPO of Shimmick Corp. (SHIM proposed), a leading water supply and treatment engineering and construction company, and the $75 million SPAC IPO of Prospect Energy Holdings Corp. (AMGSU proposed). The rest of this week’s calendar includes four micro-cap IPOs and a tiny NASDAQ uplisting.

Bankers expect to raise $287.9 million, if all eight deals on this week’s IPO Calendar get priced.

U.S. stock futures were up sharply early today (Monday, Oct. 30, 2023) as investors prepare for the Fed’s interest-rate decision and Apple (AAPL) earnings this week.

The Fed is expected to hold U.S. interest rates steady this week when it announces its policy decision on Wednesday (Nov. 1, 2023) after central bankers conclude their two-day meeting.

Stay tuned.

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.