Parabilis Soared 58% in the Biggest Biotech IPO on Record. Is It Too Late to Buy the Stock?
Written by Adria Cimino for The Motley Fool -> Parabilis and another recent IPO stock each raised more than Moderna -- which had previously been the biggest biotech IPO. Parabilis’ technology could be a game changer and potentially used across treatment areas. This year is tur
Parabilis and another recent IPO stock each raised more than Moderna -- which had previously been the biggest biotech IPO.
Parabilis’ technology could be a game changer and potentially used across treatment areas.
This year is turning out to be a massive one for initial public offerings, with Cerebras Systems delivering the biggest so far and SpaceX on track to launch the largest ever . On top of that, Anthropic and OpenAI recently filed confidentially with regulators, suggesting they may make market debuts soon.
That activity has been in the technology sector, but another area that's looking hot is the industry of biotech. Kailera Therapeutics got the ball rolling in April, with a biotech IPO that topped the biggest one to date -- that of Moderna , which raised a record $604 million in 2018. And just this week, Parabilis Medicines (NASDAQ: PBLS) topped them all, raising $670 million. And on the stock's first day of trading, it soared 58% to close at a little over $31.
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Investors are clearly excited about this biotech company exploring an innovative way to fight cancer and potentially other diseases. Now the question is: After this explosive IPO, is it too late to buy the stock?
First, let's start out by taking a closer look at Parabilis. The company launched in 2015, built on many years of research out of Greg Verdine's Harvard University lab. He was a co-founder and chief executive officer in the company's earliest days. Verdine's team found a way to target what previously was thought to be "undruggable" -- these are certain proteins that are inside cells and lack the concave surfaces that allow drugs to bind and take action.
Verdine's team created a new drug type, forming peptides into an alpha-helix so that they could enter cells, bind to flat surfaces, and work to fight disease. And so was born the company's Helicon platform.
