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Editors' note: This was originally published on Jan. 30, 2014

Dicerna Pharmaceuticals (NASDAQ:DRNA), which is developing RNAi therapeutics for the treatment of rare liver disease and cancer, kicked off a busy calendar of upcoming biotech IPOs with a record-breaking performance. The company’s shares soared 207% in its market debut, making it the best biotech first-day return since Antigenics (OTC:ANTI) gained 241% in February 2000. The company raised $90 million in an upsized IPO that priced at $15 per share, above the upwardly revised range. Now, at $46 per share (as of market close), Dicerna commands a market cap of almost $765 million, a lofty valuation for a company that has yet to enter clinical trials. Additionally, the company ranks second only to Baidu, which traded up 354% in its 2005 market debut, in first-day returns since 2000.

Top five first-day returns since 2000
Company Ticker IPO Date First-Day Return Total Return*
Baidu.com BIDU 8/4/2005 354% 5856%
Dicerna Pharmaceuticals DRNA 1/29/2014 207% 207%
Youku.com YOKU 12/7/2010 161% 133%
Qihoo 360 Technology QIHU 3/29/2011 135% 571%
NYMEX NMX 11/16/2006 125% 38%†
*As of market close on 1/29/2014. †Acquired by CME Group for $81/share in 2008.

Source: Dicerna Gains 207% In Market Debut, Best Biotech First-Day Pop Since 2000