Finance Watch: CARGO Gets A Lukewarm Reception After Stock Market Debut

Offering Is 21st Biopharma IPO In The US In 2023

 
• By Mandy Jackson
  
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Public Company Edition: CARGO Therapeutics grossed $281.3m, giving it the fifth-largest biopharma IPO this year. Also, Alkermes completed its cancer business spinout as Mural Oncology, which launched with $275m, and Xencor sold Ultomiris and Monjuvi royalties for $215m.

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• Source: Alamy

CARGO Therapeutics Inc. executed the 21st initial public offering in the US by a biopharmaceutical company in 2023 and the fifth-largest so far this year when it grossed $281.3m from an offering of 18.75 million shares at $15 each on 9 November. The offering went to market at the bottom of a proposed range of $15-$17 per share and CARGO fell slightly below its IPO price initially, closing at $14.69 on 10 November – its first day of trading – before edging back up into positive territory when it closed at $15.09 on 15 November.

With public biopharma company valuations sinking during the past two years, CARGO’s stock performance to date is not especially surprising....

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