Harpoon Going Public as Market Waits for Uber IPO

Harpoon Going Public as Market Waits for Uber IPO

Initial public offerings have faced a double-whammy of challenges, but now experts expect a pickup.

First, the stock market  ended 2019 with its worst quarterly drop in over seven years. Volatility like that is a challenge for any company going public, but it was especially difficult because the selloff hit technology stocks the hardest. As a result, IPO volume in November and December fell about half from its pace earlier in the year.

Next, the government shutdown prevented the Securities and Exchange Commission from reviewing the companies’ applications. Fortunately for the market, it on January 25.

And now the pipeline is filling. Last week saw the first deal since mid-December, power-generation firm called New Fortress Energy (NFE). This week brings two names, including a biotechnology company focused on oncology, which has been a hot corner of the drug market.

Harpoon Therapeutics (HARP), is expected to sell shares for $13 to $15 on Friday, according to TradeStation’s partner ClickIPO. Its technology modifies patients’ own immune systems to kill tumors. Its pipeline includes possible treatments for prostate, ovarian, small-cell lung cancer, along with multiple myeloma. Most are in early stages of development.

Screen shot of ClickIPO with upcoming offerings.

And don’t forget that later this year investors are looking for some very big, high-profile transactions like Uber, Lyft and Pinterest. Slack, a provider of workplace-collaboration programs, just filed for its IPO yesterday.

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David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.