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

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Eikon Therapeutics / Equity Capital Markets

<ul>
<li>Upsized, high-end pricing proved too aggressive, with shares never reclaiming the $18.00 IPO price.</li>
<li>Stock declined nearly 50% over six months, making Eikon one of 2026's weakest biotech IPO performers.</li>
<li>Operational execution remained solid, but valuation reset dramatically as biotech investors became increasingly selective.</li>
</ul>


Upsized, high-end pricing proved too aggressive, with shares never reclaiming the $18.00 IPO price.
Stock declined nearly 50% over six months, making Eikon one of 2026's weakest biotech IPO performers.
Operational execution remained solid, but valuation reset dramatically as biotech investors became increasingly selective.


Eikon Therapeutics (EIKN): Six Months Later: Priced for Perfection, Punished by Reality

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights published on Smartkarma.</li>
<li>In this cut, we explore the launch of our private markets coverage, the latest high-profile activist situations in Japan, and surging global IPO pipelines. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights published on Smartkarma.
In this cut, we explore the launch of our private markets coverage, the latest high-profile activist situations in Japan, and surging global IPO pipelines. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Going Private, Getting Active & Reviewing Public Market Premieres

<ul>
<li>Disappointing Debut: Eikon Therapeutics priced an upsized IPO at $18.00 but opened down 5.3% and closed at $15.00, never approaching issue price.</li>
<li>Demand Disconnect: Despite ~6x oversubscription and high-end pricing, weak aftermarket support exposed a mismatch between bookbuilding strength and true buy-side demand.</li>
<li>Sector Reminder: The deal marks the worst biotech IPO performance of 2025–2026, highlighting ongoing volatility and selective risk appetite across late-stage biotech offerings.</li>
</ul>


Disappointing Debut: Eikon Therapeutics priced an upsized IPO at $18.00 but opened down 5.3% and closed at $15.00, never approaching issue price.
Demand Disconnect: Despite ~6x oversubscription and high-end pricing, weak aftermarket support exposed a mismatch between bookbuilding strength and true buy-side demand.
Sector Reminder: The deal marks the worst biotech IPO performance of 2025–2026, highlighting ongoing volatility and selective risk appetite across late-stage biotech offerings.


Eikon Therapeutics (EIKN): Late-Stage Immuno-Oncology IPO Prices with Strength, Flops on Debut

<ul>
<li>Eikon Therapeutics (EIKN) is offering 17.6 million shares at $16–$18, targeting a $807–$908 million market capitalization.</li>
<li>The company’s lead asset, EIK1001, is in a global Phase 2/3 melanoma trial, supported by its proprietary single-molecule tracking technology.</li>
<li>Founded by former Merck executives, Eikon is backed by a $30 million Merck investment and strong early demand signals ahead of pricing.</li>
</ul>


Eikon Therapeutics (EIKN) is offering 17.6 million shares at $16–$18, targeting a $807–$908 million market capitalization.
The company’s lead asset, EIK1001, is in a global Phase 2/3 melanoma trial, supported by its proprietary single-molecule tracking technology.
Founded by former Merck executives, Eikon is backed by a $30 million Merck investment and strong early demand signals ahead of pricing.


Eikon Therapeutics (EIKN): Merck Alumni Lead Late-Stage Immuno-Oncology IPO Candidate

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IPO Prophet

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At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>✅ IPO PROPHET RATING: 7.8/10 🏦 Deal Quality &amp; Underwriters: 8.3/10 Eikon Therapeutics is launching an initial public offering on the Nasdaq under the ticker EIKN, offering 17.65 million shares at a price range of $16 to $18 per share.</li><li>Based on the indicated range and shares, the company expects to raise roughly $317.7 million and enter public markets with an implied valuation near $900 million.</li><li>Eikon is a clinical-stage biopharmaceutical company focused on advancing a pipeline of therapeutic candidates, including novel oncology programs that combine targeted mechanisms with broader immune engagement.</li></ul>

✅ IPO PROPHET RATING: 7.8/10 🏦 Deal Quality &amp; Underwriters: 8.3/10 Eikon Therapeutics is launching an initial public offering on the Nasdaq under the ticker EIKN, offering 17.65 million shares at a price range of $16 to $18 per share.Based on the indicated range and shares, the company expects to raise roughly $317.7 million and enter public markets with an implied valuation near $900 million.Eikon is a clinical-stage biopharmaceutical company focused on advancing a pipeline of therapeutic candidates, including novel oncology programs that combine targeted mechanisms with broader immune engagement.

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Eikon Therapeutics (EIKN US)

Eikon Therapeutics (EIKN): Six Months Later: Priced for Perfection, Punished by Reality

Eikon's aggressive pricing led to a nearly 50% stock decline in six months, making it one of 2026's weakest biotech IPO performers despite solid...

IPO Boutique

Curator's Cut: Going Private, Getting Active & Reviewing Public Market Premieres

Discover the latest standout themes in private markets, activist situations in Japan, and global IPO pipelines in this Curator's Cut. Share your...

Pranav Rao

Eikon Therapeutics (EIKN): Late-Stage Immuno-Oncology IPO Prices with Strength, Flops on Debut

Eikon Therapeutics' IPO disappoints with weak aftermarket performance, revealing a disconnect between bookbuilding strength and true buy-side...

IPO Boutique

Eikon Therapeutics (EIKN): Merck Alumni Lead Late-Stage Immuno-Oncology IPO Candidate

Eikon Therapeutics plans IPO, offering shares at $16-$18 to fund melanoma trial for lead asset EIK1001 with strong backing from former Merck...

IPO Boutique

IPO Rating: Eikon Therapeutics, Inc.

✅ IPO PROPHET RATING: 7.8/10 🏦 Deal Quality & Underwriters: 8.3/10 Eikon Therapeutics is launching an initial public offering on the Nasdaq...

IPO Prophet

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52-week Range

Market Cap (USDm)

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Eikon Therapeutics (EIKN): Six Months Later: Priced for Perfection, Punished by Reality

​Eikon's aggressive pricing led to a nearly 50% stock decline in six months, making it one of 2026's weakest biotech IPO performers despite solid...

IPO Boutique

Curator's Cut: Going Private, Getting Active & Reviewing Public Market Premieres

​Discover the latest standout themes in private markets, activist situations in Japan, and global IPO pipelines in this Curator's Cut. Share your...

Pranav Rao

Eikon Therapeutics (EIKN): Late-Stage Immuno-Oncology IPO Prices with Strength, Flops on Debut

​Eikon Therapeutics' IPO disappoints with weak aftermarket performance, revealing a disconnect between bookbuilding strength and true buy-side...

IPO Boutique

Eikon Therapeutics (EIKN): Merck Alumni Lead Late-Stage Immuno-Oncology IPO Candidate

​Eikon Therapeutics plans IPO, offering shares at $16-$18 to fund melanoma trial for lead asset EIK1001 with strong backing from former Merck...

IPO Boutique

IPO Rating: Eikon Therapeutics, Inc.

✅ IPO PROPHET RATING: 7.8/10 🏦 Deal Quality & Underwriters: 8.3/10 Eikon Therapeutics is launching an initial public offering on the Nasdaq...

IPO Prophet

Eikon's aggressive pricing led to a nearly 50% stock decline in six months, making it one of 2026's weakest biotech IPO performers despite solid...

Discover the latest standout themes in private markets, activist situations in Japan, and global IPO pipelines in this Curator's Cut. Share your...

Eikon Therapeutics' IPO disappoints with weak aftermarket performance, revealing a disconnect between bookbuilding strength and true buy-side...

Eikon Therapeutics plans IPO, offering shares at $16-$18 to fund melanoma trial for lead asset EIK1001 with strong backing from former Merck...