To set the baseline for where things are as we start 2019, it’s worth reviewing the 2018 IPO Class and its year-end performance. Allakos, Allogene, and Armo all had greater than $1B in value appreciation during 2018, nearly 50% of the total value gains of the 2018 IPO class. On the flip side, Moderna, given its large valuation at offering, had $2.6B in losses, representing 33% of the total losses of the 2018 IPO class. Most of 2018 IPO Class’ losses happened in the 4th quarter on both a percentage and absolute basis, as one might expect with the meltdown in the markets. This will have a big impact on IPO market sentiment heading into the rest of the year.

Source: Forbes January 03, 2019 18:00 UTC