Ebb & Flow

Two U.S. IPOs debuted last week, the first since early February. Both offered Phase III stories, but timing was about all they otherwise had in common. Outcomes for the two - obesity play Orexigen and anti-viral company Pharmasset - diverged, as OREX surpassed expectations while VRUS dipped below them.

OREX priced in the middle of its range at $12, but increased the number of shares offered to 7 million from 6 million. The company raised $84 million for a valuation of $310 million. ...