2025 IPO Pricing and Performance

IPO - Pricing (17)
Cowen and Company

Date	Company Name	Sector	Price ($)	Size (M)	1	2	3	Turnover	Gain
						UnderWriters*
Oct 31	Oyster Point Ph	Health-Care	16	5	JPM	COWN	PPRJ	20.4%	17.4%
Oct 25	Cabaletta Bio I	Health-Care	11	6	MS	COWN	EVCR	14.3%	-9.1%
Oct 25	Aesthetic Medic	Health-Care	12	2	MS	COWN	EVCR	31%	-16.4%
Oct 11	Vir Biotechnolo	Health-Care	20	7	GS	JPM	COWN	42.9%	-29.9%
Oct 3	Frequency Thera	Health-Care	14	6	JPM	GS	COWN	0%	-100%
Sep 19	Exagen Inc.	NA	14	3	COWN	CNTR	WB	25.5%	22.2%
Sep 13	SpringWorks The	Health-Care	18	9	JPM	GS	COWN	38.2%	32.5%
Aug 1	Sundial Growers	Health-Care	13	11	COWN	BMO	BRCL	84.7%	-34.8%
Jun 27	Morphic Holding	NA	15	6	JEFF	COWN	BMO	17.5%	20%
Jun 20	Personalis Inc.	NA	17	7	MS	BAML	COWN	79%	67.6%
Jun 20	Atreca Inc.	NA	17	7	COWN	EVCR	Stifel	34.1%	6.2%
Jun 19	Stoke Therapeut	NA	18	7	JPM	COWN	CS	79.3%	42.1%
May 13	Applied Therape	NA	10	4	CITI	COWN	UBS	33.6%	-6%
May 9	Milestone Pharm	NA	15	5	JEFF	COWN	PPRJ	17.9%	2.5%
Apr 18	Greenlane Holdi	NA	17	6	COWN	CNCD		103.2%	37.2%
Apr 4	NGM Biopharmace	NA	16	6	GS	CITI	COWN	29.9%	-8.1%
Feb 7	Alector Inc.	NA	19	9	MS	BAML	COWN	39.2%	-4.8%

* Lead manager or one of top three managers in an underwriting team.