Public equity roundup: Alto, Fractyl price IPOs, Vaxcyte raises $750M

As investors continue to assess signals in the IPO market from two new pricings, a welcoming environment for follow-ons allowed Vaxcyte to raise $750 million amid preparations for a Phase III vaccine program.

Biomarker-driven neuropsychiatry company Alto Neuroscience Inc. (NYSE:ANRO), which built its case to investors with three Phase IIa readouts last year, priced an upsized offering at the top of its range, raising $128.6 million at $16 per share. It’s the third of four NASDAQ biotech listings thus far in 2024 to exceed expectations, following upsized offerings last week by CG Oncology Inc. (NASDAQ:CGON) and ArriVent BioPharma Inc. (NASDAQ:AVBP)...