Jan. 28 Quick Takes: Sana aims high in latest IPO prospectus; plus short interest in biotech, and fundings for Curevac, Design, Ukko, Encodia and more
Gene and cell therapy company Sana Biotechnology Inc. proposed terms for an IPO on NASDAQ in which it hopes to sell 15 million shares at $20-$23. At the midpoint, the company would raise $322.5 million at a valuation of nearly $3.8 billion. Sana, which filed for the IPO about two weeks ago, effected a 1-for-4 reverse stock split this week; Arch Venture Partners and Flagship Pioneering are its biggest shareholders.
With shares moving, Vir among biotechs with high short interest
A FactSet analysis named Ligand Pharmaceuticals Inc. (NASDAQ:LGND), Inovio Pharmaceuticals Inc. (NASDAQ:INO), Vaxart Inc. (NASDAQ:VXRT) and Vir Biotechnology Inc. (NASDAQ:VIR) among the biotechs valued above $1 billion with the highest percentages of short interest as a percentage of float. Although this week Vir has reported data in HBV and announced plans to test its mAb for COVID-19 in combination with a program from Eli Lilly and Co. (NYSE:LLY), its shares rose from $44.39 at Monday’s close to a peak of $141.01 on Wednesday, with trading at an unusually high volume, before returning to the high $50s on Thursday. A surge in retail investor participation has squeezed stocks with large short positions this week, driving extraordinary stock moves with high-volume trading...