5 Struggling IPOs To Buy For The Long-Term

Below we present the list of 5 Struggling IPOs To Buy For The Long-Term. For our methodology and a more comprehensive list please see 10 Struggling IPOs To Buy For The Long-Term.

5. Third Harmonic Bio, Inc. (NASDAQ:THRD)

Number of Hedge Fund Shareholders: 9

IPO Price: $17.00

Current Price (as of June 9): $5.08

Third Harmonic Bio, Inc. (NASDAQ:THRD) shares plunged from $19 to less than $5 in mid-December after the clinical-stage biotech discontinued its trial for THB001 in patients with chronic inducible urticarial after two of the trial patients contracted asymptomatic liver transaminitis.

Jefferies responded by dropping Third Harmonic Bio, Inc. (NASDAQ:THRD) to ‘Hold’ from ‘Buy’ and slashing its price target on the stock to $3.60 from $30, while LifeSci Capital also dropped its rating on the stock to ‘Market Perform’ from ‘Outperform’ and removed its price target.

Side effects aside, Third Harmonic Bio, Inc. (NASDAQ:THRD) is nonetheless bullish on the efficacy data from the trial and believes its future KIT inhibitor candidates will build on the last trial’s results. The company also has enough cash at present to last in until early next year. OrbiMed Advisors, which is founded by Samuel Isaly, owns nearly 5.78 million shares of THRD.