Top Market Gainers Include Picard Medical, Biotech IPOs and Inverse ETFs
- Recent biotech IPOs Iambic Therapeutics (NASDAQ: IAM) and City Therapeutics (NASDAQ: CTY) posted strong gains.
- Inverse leveraged ETFs SMCZ and SMST advanced as their underlying stocks declined.
Iambic Therapeutics (NASDAQ: IAM) advanced 25.9% to $23.81. The company recently sold 9.375 million shares at $16 each, raising $150 million in gross proceeds through its IPO.
City Therapeutics (NASDAQ: CTY) gained 22.2% to $22.00 during its Nasdaq debut. The company priced its upsized IPO at $18 per share and sold approximately 11.1 million shares for gross proceeds of about $200 million.
The Defiance Daily Target 2X Short SMCI ETF (NASDAQ: SMCZ) rose 19.6% to $7.09, while the Defiance Daily Target 2X Short MSTR ETF (NASDAQ: SMST) gained 18.9% to $15.51. They seek approximately twice the opposite of the daily performance of Super Micro Computer (NASDAQ: SMCI) and Strategy (NASDAQ: MSTR), respectively.
These inverse ETFs reset daily, so their longer-term performance can differ substantially from negative twice the cumulative return of their underlying stocks.
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Alex Lavoie covers market-moving news and analyst activity for the FMP blog, summarizing price-target changes, upgrades and downgrades, earnings results, and company developments. The focus is on turning timely market events into concise, data-backed updates that help readers stay current on the companies they follow.
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