AlloVir carries July’s IPO haul beyond $2.5B

AlloVir, the month’s final biotech to conduct a NASDAQ IPO, became the latest to reach a 10-digit valuation, based on a first-day stock gain of 49% that drove its market cap to more than $1.5 billion.

The offering, NASDAQ’s eleventh for a biotech in July, pushed the month’s haul in IPOs past $2.5 billion to help the sector stay on track for a record-setting year. In 2Q alone, biotechs raised $7.5 billion through 34 IPOs, nearly double the previous high watermark for a single quarter in the past decade (see “Biotech a Top Sector for Investors”)...