Agios Pharmaceuticals (AGIO +1.3%) offers 2M shares of common stock in a secondary offering. Underwriters over-allotment is 300K shares. Pricing has not been set.
All shares to be sold by the company. Proceeds will fund clinical and research activities.
AGIO is one of the few recent IPOs to buck the sector's recent downtrend. After a strong debut on July 24 when prices closed up almost 74% from the $18 offer, prices eased to a low of $15.77 on November 18. The stock has been in an uptrend since then, albeit with substantial volatility. Today's $40.85 close represents a tidy 159% gain from November's low.
The stock sports a respectable Relative Strength rating of 84 (best=99) compared to the biotech sector's (IBB +2.3%) 59.