Editors' note: This was originally published on Jan. 30, 2014
Dicerna Pharmaceuticals (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*|
|Qihoo 360 Technology||QIHU||3/29/2011||135%||571%|