STAT Plus: This biotech went public during the stock market’s worst week since 2008
Concerns about the coronavirus outbreak made last week one of the markets’ worst since the 2008 financial crisis. But Philadelphia-based gene therapy company Passage Bio (PASG) still launched its initial public offering in the middle of that mess — and the company did just fine.
Passage’s stock jumped 20% on Friday, its first day trading, from $18 to nearly $22; in total, the offering brought in $216 million for the company. (For comparison’s sake, the NASDAQ’s biotech index was up by about 4% on Friday.)
