Top Market Gainers Include Picard Medical, Biotech IPOs and Inverse ETFs
Key points
- Recent biotech IPOs Iambic Therapeutics (NASDAQ: IAM) and City Therapeutics (NASDAQ: CTY) posted strong gains.
- Inverse leveraged ETFs SMCZ and SMST advanced as their underlying stocks declined.
Iambic Therapeutics (NASDAQ: IAM) advanced 25.9% to $23.81. The company recently sold 9.375 million shares at $16 each, raising $150 million in gross proceeds through its IPO.
City Therapeutics (NASDAQ: CTY) gained 22.2% to $22.00 during its Nasdaq debut. The company priced its upsized IPO at $18 per share and sold approximately 11.1 million shares for gross proceeds of about $200 million.
The Defiance Daily Target 2X Short SMCI ETF (NASDAQ: SMCZ) rose 19.6% to $7.09, while the Defiance Daily Target 2X Short MSTR ETF (NASDAQ: SMST) gained 18.9% to $15.51. They seek approximately twice the opposite of the daily performance of Super Micro Computer (NASDAQ: SMCI) and Strategy (NASDAQ: MSTR), respectively.
These inverse ETFs reset daily, so their longer-term performance can differ substantially from negative twice the cumulative return of their underlying stocks.
Read the rest, free
Pop in your email to read every article in full and search any company. It takes five seconds.
You'll get Gro's newsletter too. Leave any time in one click.
