Aspen Neuroscience Falls 16% in IPO Debut After Pricing at Low End
ASPE is trading near its 52-week low of $12.3 (5.1% above the low).
Summary
Aspen Neuroscience sold nearly 9.4 million shares at $15 each, the bottom of its $15-$17 range, raising roughly $140 million before fees. The stock opened at $14.70 and slid to $12.66 by midday Friday, down 16% from the offer price. Pricing at the low end and a weak first session point to soft demand for this clinical-stage biotech, which has no revenue and is years from any potential approval. The $15 offer price is now the reference level — a close well below it would mark a broken IPO.
At the time of this announcement, ASPE was trading at $12.93 on NASDAQ in the Life Sciences sector. The 52-week trading range was $12.30 to $14.90. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.