Biotechs have not only shown resilience during bouts of volatility the past few months but they also remain a top group with many leading stocks setting up in bases. On Tuesday, biotech startupJuno Therapeutics (JUNO) soared 15% in heavy trading following its late Monday announcement of a $1 billion deal with Celgene (CELG). Celgene will pay $150 million upfront and buy 9.1 million Juno shares for 93 each, or $850 million, for the option to
With the Apple Watch no longer seen as a threat, fitness tracker Fitbit (FIT) saw its shares return to record high territory on Wednesday. Fitbit stock rose 10.9% to close the regular session at 42.38, an all-time high. San Francisco-based Fitbit went public on June 18 at 20 and hit its previous record of 40.45 on its third day of trading. Shares then trended down and fell as low as 32.50 on Monday before rebounding. Fitbit got an assist on Tuesday from a bullish report by RBC Capital Markets analyst Mark Sue. He initiated coverage of Fitbit with an outperform rating and a price target of 45.
After a slow start to the year, initial public offerings picked up a solid pace in the second quarter, with some big winners and losers. The 69 new issues nearly doubled the number in Q1, while total proceeds raised more than doubled to $12.6 billion from $5.5 billion in Q1. June alone recorded 35 IPOs, the most for any June since 2000. Here’s our take on the most notable IPOs of the second quarter: Taking first place is Fitbit (FIT), the maker of wearable health and fitness trackers. The largest tech IPO this year, Fitbit raised $732 million on its June 18 debut. In vestor interest was described by IPOBoutique.com as reaching the level of “pandemonium” ahead of the launch. Fitbit priced 36.6 million shares at 20 each, above its upwardly revised expected range of 17 to 19. Fitbit stock popped 48% on its first day of trading and touched …