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>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

<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

<ul>
<li>We believe exercising caution based upon the small market cap of the company and the existing backers is the prudent play at this time.</li>
<li>Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.</li>
<li>Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.</li>
</ul>


We believe exercising caution based upon the small market cap of the company and the existing backers is the prudent play at this time.
Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.
Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.


Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO

<ul>
<li>The company set terms for an IPO on Thursday seeking up to $85m if the offering prices at the middle of the ($16-$18) range. </li>
<li>Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.</li>
<li>Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.</li>
</ul>


The company set terms for an IPO on Thursday seeking up to $85m if the offering prices at the middle of the ($16-$18) range. 
Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.
Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.


Aardvark Therapeutics (AARD): Obesity Related Biotech Seeking $85m After Setting Terms for IPO

<ul>
<li>Biotech targeting treatment of obesity and obesity-related conditions, starting with rare hyperphagias filed for its IPO on January 23rd.</li>
<li>Morgan Stanley, BofA Securities, Cantor, RBC Capital are the bookrunners on this IPO.</li>
<li>Lead product, ARD-101 is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen for which they have initiated a Phase 3 clinical trial for hyperphagia.</li>
</ul>


Biotech targeting treatment of obesity and obesity-related conditions, starting with rare hyperphagias filed for its IPO on January 23rd.
Morgan Stanley, BofA Securities, Cantor, RBC Capital are the bookrunners on this IPO.
Lead product, ARD-101 is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen for which they have initiated a Phase 3 clinical trial for hyperphagia.


Aardvark Therapeutics (AARD): Peeking at the Prospectus of Another Obesity-Related IPO

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Aardvark Therapeutics (AARD US)

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

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

Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO

Exercising caution with Aardvark Therapeutics due to small market cap and existing backers; developing novel therapeutics for metabolic diseases...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO

​Exercising caution with Aardvark Therapeutics due to small market cap and existing backers; developing novel therapeutics for metabolic diseases...

IPO Boutique

Aardvark Therapeutics (AARD): Obesity Related Biotech Seeking $85m After Setting Terms for IPO

​Aardvark Therapeutics sets terms for IPO, seeking up to $85m. Developing small-molecule therapeutics for metabolic diseases, with lead product in...

IPO Boutique

Aardvark Therapeutics (AARD): Peeking at the Prospectus of Another Obesity-Related IPO

​Biotech company targeting obesity-related conditions filed for IPO with lead product in Phase 3 clinical trial for rare hyperphagia.

IPO Boutique

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

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

Exercising caution with Aardvark Therapeutics due to small market cap and existing backers; developing novel therapeutics for metabolic diseases...

Aardvark Therapeutics sets terms for IPO, seeking up to $85m. Developing small-molecule therapeutics for metabolic diseases, with lead product in...

Biotech company targeting obesity-related conditions filed for IPO with lead product in Phase 3 clinical trial for rare hyperphagia.