Our list of recent IPO* movers of the week includes stocks across a variety of sectors, from pharmaceuticals and oil services to staffing solutions and pest control.
Akcea Therapeutics Inc. (Nasdaq: AKCA) jumped 42.7% immediately after the closing of its initial public offering. The IPO began on June 20 at a share price of $8, and shares have done nothing but rise since hitting the open market. The stock closed the week at $13.91. Initial price expectations for the IPO were between $12 and $14 per share. Akcea is based in Cambridge, Mass., and specializes in drugs to treat cardiometabolic diseases caused by lipid disorders.
Select Energy Services Inc. (NYSE: WTTR) shot up 23.5% for the week after a merger announcement. On Tuesday, the company finalized a deal to acquire Rockwater Energy Solutions Inc. for $456 million worth of stock. Select's shareholders will own 64.4% of the combined company, while Rockwater's shareholders will own 35.6%. Both companies are based in Texas and provide water-related services to oil and gas companies. Select went public in April at $14 per share. It closed the week at $14.66.
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After offering shares at $6 per share in its June IPO, ShiftPixy Inc. (Nasdaq: PIXY) zig-zagged its way up to $10.32. But last week the bottom dropped out, sending the stock plunging 36.7% to $6.46 at Friday's close. The Irvine, Calif.-based company provides part-time staffing service primarily in the restaurant, hospitality, and maintenance industries. Investors seem to be still finding a value for this newcomer.
In spite of mostly positive news in recent weeks, Arizona-based SenesTech Inc. (Nasdaq: SNES) dropped 18.4% for the week. On July 17, the company, which specializes in technology-based pest control solutions, announced a partnership with the Wildhorse Ranch Rescue in Gilbert, Ariz., to provide control for rat infestations. The services will employ SenesTech's ContraPest product, which a week earlier was revealed to be effective against not one but two species of rat. Zacks Investment Research upgraded its rating on SenesTech from a "Sell" to a "Hold" on July 13, but that wasn't enough to keep investors from jumping ship last week.
*Stocks are listed on a U.S. exchange with an initial public offering in the last year. Data and analytics provided by FactSet.
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About the Author
Stephen Mack has been writing about economics and finance since 2011. He contributed material for the best-selling books Aftershock and The Aftershock Investor. He lives in Baltimore, Maryland.