After a brush with the kind of last-minute uncertainty over which bankers lose sleep, biotech’s big week on Wall Street paid dividends — and some investors are worried the sector is taking a turn for the absurd.
Five biotech startups went public this week, and each one saw its share price rise in early trading. Armo Biosciences (ARMO), at work on cancer immunotherapy, jumped more than 50 percent minutes after its debut. The dermatology-focused Menlo Therapeutics (MNLO) rose 66 percent once investors got a chance to bid on shares, and ResTORbio (TORC), at work on a treatment for respiratory tract infections, went up 30 percent. Eyenovia (EYEN), a company focused on ophthalmology, went up by about 8 percent.