Two more biopharma firms priced initial public offerings (IPOs), though Adamas Pharmaceuticals Inc. and Cerulean Pharmaceuticals Inc. received lukewarm welcomes on Nasdaq Thursday, as the Nasdaq Biotechnology Index after a short-lived rally the day before took another slide.
Of the two, Adamas fared better. The Emeryville, Calif.-based firm managed to price within its proposed range, though it came in at the low end, selling 3 million shares for $16 apiece. The stock (NASDAQ:ADMS) opened at $16.85, but after jumping as high as $17.24 in early trading, fell throughout the day to close at $14.01.
It helped that Adamas has a promising late-stage wholly owned candidate for Parkinson's disease, while a fixed-dose therapy for Alzheimer's disease, partnered with Forest Laboratories Inc. is under FDA review.
Cerulean, on the other hand, entered the suddenly shaky market on less solid footing. Having ended 2013 with a mere $5.