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Source: istock

Immunome IPO to Expand COVID-19 Plays for Investors

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The Immunome stock IPO date is almost here. The company has set out the terms of its public listing. Immunome has also picked the exchange where its stock will trade and the stock ticker symbol. The Immunome IPO will expand the selection for investors seeking exposure to the COVID-19 treatment market.

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What is Immunome trying to do?

Immunome is an American biotech company headquartered in Exton, Pa. The company focuses on developing novel antibody therapies targeting cancer and infectious diseases like COVID-19. Immunome received $13.3 million in federal government funding to apply its technology toward developing a COVID-19 treatment.

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Source: istock
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Immunome uses memory B cells in its antibody therapy development work. The company's lead program is IMM-ONC-01. Immunome plans to file an IND in about a year after it completes the preclinical assessment. Since Immunome doesn't have a marketable product currently, it made a $5.4 million loss on zero revenue in the first half of 2020.

When is Immunome going public?

Immunome looks set for its IPO after outlining the terms of the public listing. The company is expected to price its IPO this week and the stock will debut on the public market soon after. The Immunome IPO is offering 2.5 million shares to investors. Immunome insiders intend to purchase $20 million worth of the available shares. 

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In an IPO, accredited investors, often large institutional entities, have the first chance to purchase shares before they land on the public market. After Immunome stock hits the public market, interested investors will be able to access the stock through online brokers like Robinhood and Webull. Robinhood has a feature that allows investors to preschedule the purchase of newly public stocks with limit orders so they can buy them the moment they hit the public market. 

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What is Immunome stock's IPO price?

Immunome plans to price its stock for the IPO at $11 – $13. The pricing range indicates that the IPO would raise $30 million for Immunome at the midpoint. At the top of the price range, the Immunome IPO could raise more than $37 million if the underwriters sell the additional 375,000 shares set aside to cover allotment.

What is Immunome stock’s ticker symbol?

Immunome stock will trade on Nasdaq under the ticker symbol “IMNM.” To encourage more private companies to go public and expand opportunities for investors, Nasdaq and the NYSE have relaxed their public listing rules. Spotify and Slack are some of the notable companies that chose to go public through a direct listing instead of the traditional IPO process. 

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