US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Aardvark Therapeutics / Equity Capital Markets

<ul>
<li>Aardvark Therapeutics priced a full size deal of 5.88mm shares at the low end of the range, $16.00, and opened at $15.18 for a loss of 5.1% at first trade.</li>
<li>The volume on day one was just 1.7 million shares or less than 30% of the float. </li>
<li>As the company progresses through its trials and more readouts and data becomes available, this biotech may find a better footing.</li>
</ul>


Aardvark Therapeutics priced a full size deal of 5.88mm shares at the low end of the range, $16.00, and opened at $15.18 for a loss of 5.1% at first trade.
The volume on day one was just 1.7 million shares or less than 30% of the float. 
As the company progresses through its trials and more readouts and data becomes available, this biotech may find a better footing.


Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red

LB Pharmaceuticals / Equity Capital Markets

<ul>
<li>Their product candidate, LB-102, is a Phase 3-ready oral, small molecule for the treatment of acute schizophrenia, defined as a sudden and severe episode of psychotic symptoms.</li>
<li>The largest holder is Deep Track Biotechnology Master Fund, Ltd., controlling 16.7 million shares, or 19.6% of the company.</li>
<li>There has not been a biotech IPO since Aardvark Therapeutics in mid February. This biotech may be more well-received given that its lead product candidate is in Phase III.</li>
</ul>


Their product candidate, LB-102, is a Phase 3-ready oral, small molecule for the treatment of acute schizophrenia, defined as a sudden and severe episode of psychotic symptoms.
The largest holder is Deep Track Biotechnology Master Fund, Ltd., controlling 16.7 million shares, or 19.6% of the company.
There has not been a biotech IPO since Aardvark Therapeutics in mid February. This biotech may be more well-received given that its lead product candidate is in Phase III.


LB Pharmaceuticals Inc. (LBRX): Peeking at the IPO Prospectus of Schizophrenia Product Candidate Bio

<ul>
<li>The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.</li>
<li>In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.</li>
<li>Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.</li>
</ul>


The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.
In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.
Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.


Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

Sionna Therapeutics / Equity Capital Markets

<ul>
<li>. The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.</li>
<li>The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.</li>
<li>Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025. </li>
</ul>


. The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025. 


Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

<ul>
<li>The company priced a downsized 15.3 million share offering at $18.00, notably above its initial $15–$17 range in late January.</li>
<li>After the biotech sector took a hit in April, Metsera shares rallied back to a high of $47.40 in mid-July, nearly tripling off the lows.</li>
<li>Metsera’s trajectory will be determined by data. With two clinical trials underway and expectations rising, the year-end readout for MET-233i could meaningfully shift the valuation—up or down.</li>
</ul>


The company priced a downsized 15.3 million share offering at $18.00, notably above its initial $15–$17 range in late January.
After the biotech sector took a hit in April, Metsera shares rallied back to a high of $47.40 in mid-July, nearly tripling off the lows.
Metsera’s trajectory will be determined by data. With two clinical trials underway and expectations rising, the year-end readout for MET-233i could meaningfully shift the valuation—up or down.


Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aardvark Therapeutics (AARD US)

Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red

Aardvark Therapeutics prices IPO low, opens at loss, but potential for better footing as trials progress and data emerges.

IPO Boutique

LB Pharmaceuticals Inc. (LBRX): Peeking at the IPO Prospectus of Schizophrenia Product Candidate Bio

LB-102, a Phase 3-ready oral treatment for acute schizophrenia, has potential for success in the biotech market with significant backing from Deep...

IPO Boutique

Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.

IPO Boutique

Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

Sionna Therapeutics' successful IPO sees strong market debut with 38.9% premium, fueled by positive Phase I data for Metsera.

IPO Boutique

Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year

Metsera's stock offering priced above range, shares rally to $47.40, trajectory hinges on upcoming clinical trial data for MET-233i.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red

​Aardvark Therapeutics prices IPO low, opens at loss, but potential for better footing as trials progress and data emerges.

IPO Boutique

LB Pharmaceuticals Inc. (LBRX): Peeking at the IPO Prospectus of Schizophrenia Product Candidate Bio

​LB-102, a Phase 3-ready oral treatment for acute schizophrenia, has potential for success in the biotech market with significant backing from Deep...

IPO Boutique

Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

​Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.

IPO Boutique

Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

​Sionna Therapeutics' successful IPO sees strong market debut with 38.9% premium, fueled by positive Phase I data for Metsera.

IPO Boutique

Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year

​Metsera's stock offering priced above range, shares rally to $47.40, trajectory hinges on upcoming clinical trial data for MET-233i.

IPO Boutique

Aardvark Therapeutics prices IPO low, opens at loss, but potential for better footing as trials progress and data emerges.

LB-102, a Phase 3-ready oral treatment for acute schizophrenia, has potential for success in the biotech market with significant backing from Deep...

Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.

Sionna Therapeutics' successful IPO sees strong market debut with 38.9% premium, fueled by positive Phase I data for Metsera.

Metsera's stock offering priced above range, shares rally to $47.40, trajectory hinges on upcoming clinical trial data for MET-233i.