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IPO Roundup: BridgeBio Pharma surges, Change Healthcare slumps in busy day of health care IPOs

Change Healthcare priced at $13, well below its range between $16 and $19
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Change Healthcare offers revenue cycle management software and services to healthcare providers

Change Healthcare Inc (NASDAQ:CHNG), a Nashville-based healthcare technology platform, stumbled in its public debut. Its shares priced at $13, well below its range between $16 and $19, bringing in $557 million on 42.9 million shares. The company offers revenue cycle management software and healthcare providers.

The stock opened at $14 and has held there, 7.7% above its IPO price.

BridgeBio Pharma Inc (NASDAQ:BBIO) is off to a hot start after upsizing its IPO. The biotechnology company raised $349 million by offering 20.5 million shares at $17 per share, a dollar above its expected range and 5.5 million more shares than originally announced. Founded in 2015, BridgeBio is working to develop treatments for Mendelian diseases, disorders caused by a mutation in a single gene. Two of its product candidates are currently undergoing Phase 3 trials.

Its stock soared to a $30.61 opening before cooling slightly to $27.19, nearly 60% above its IPO price.

READ: IPO Roundup: Change Healthcare, Linx SA lead a loaded week of IPOs

Adaptive Biotechnologies Corporation (NASDAQ:ADPT), an immunology company based in Seattle, has rocketed higher in its first hours on the market. Trading opened at $39.01 after pricing at $20, $3 above the high end of its protected range. All told, the Seattle-based company raked in $300 million and offered 15 million shares, 2.5 million more than initially announced. Founded in 2009, Adaptive Biotechnologies provides genetic immuno-sequencing tests used to diagnose and treat diseases such as cancer, autoimmune conditions and infectious diseases.

The share price has jumped to nearly double its IPO price at $38.56.

Morphic Holding (NASDAQ:MORF), a Waltham, Massachusetts-based preclinical biotechnology company, also upsized its IPO, to 6 million shares from 5 million, bringing in $90 million. The company priced at $15, the midpoint of its range, and went on to open at $18. Its lead product candidate, MORF-720, treats idiopathic pulmonary fibrosis, a severe lung disease.

Shares have continued to rise, up 23% to $18.45.


Priam Properties Inc (NYSE:PRMI), a Nashville-based real estate investment company, elected to hold on going public, according to a report from Renaissance Capital. The company had planned to offer 9 million shares between $18 and $20 per share to raise $171 million. The company is focused on acquiring, improving, owning and managing multi-tenant office properties in high-growth urban areas in the Midwest and Southeast US.

—Updated to include Change Healthcare and Priam Properties—

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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