Max Nisen, Columnist

Allogene’s Monster Biotech IPO Defies Market Rout

Enthusiasm for the cell-therapy developer’s management has stoked demand for the shares, but past performance doesn’t guarantee future success.

October 11, 2018 at 6:06 PM UTC

By Max Nisen

Max Nisen is a healthcare analyst at Bloomberg Intelligence. He previously wrote for Bloomberg Opinion, Quartz and Business Insider.

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In a standout year for biotech IPOs, Allogene Therapeutics Inc.’s market debut may be the most remarkable yet.

The company raised $324 million Wednesday in a richly priced stock sale that instantly made Allogene one of the biggest biotech IPOs yet. On Thursday, in the teeth of a messy market, the shares climbed some 30 percent on their first day of trading.