Agios Pharmaceuticals Gains Almost 74% In Market Debut As Biotech Fever Continues

| About: Agios Pharmaceuticals, (AGIO)

Agios Pharmaceuticals (NASDAQ:AGIO), a biotech developing metabolic treatments for cancer and rare genetic diseases, rose 73.8% in its market debut. That made it the best biotech first-day return since Pain Therapeutics (NASDAQ:PTIE) rose 82.3% in its July 2000 debut.

The company raised $106 million in an upsized IPO that valued the company at a market cap of $542 million, after originally setting terms for a deal that would have generated $75 million in proceeds at a market cap of $441 million. Agios' opening day vaults it ahead of last week's IPO of OncoMed (NASDAQ:OMED), which saw its shares rise 59.9% on its first day of trading, for the best biotech first-day return in 2013. Agios is the fifth 2013 biotech deal to gain nearly 50% or more in its market debut.

Top 5 Biotech First-Day Returns of 2013
Company Ticker Description First-Day Return Total Return
Agios Pharmaceuticals AGIO Pre-clinical cancer biotech 74% 74%
OncoMed Pharmaceuticals OMED Cancer biotech 60% 38%
bluebird bio BLUE Gene therapy biotech 58% 87%
Epizyme EPZM Early-stage cancer biotech 53% 134%
Prosensa RNA Late-stage orphan drug biotech 48% 110%
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