IPO Update: Protagonist, Gemphire, Kadmon Launches Fall Flat

The three most recent biopharma IPOs are trading at or below their offering prices, but the average return for the 22 drug development firms that have gone public so far this year is holding steady at 11% -- thanks to a pair of super performers that have delivered triple-digit returns.

It's hard out there for a revenue-burning, no-income-earning biopharmaceutical company looking to go public in the US, but three more drug development firms took the leap during the past three weeks – they launched initial public offerings and now are trading at or below their IPO values.

Protagonist Therapeutics Inc. and Kadmon Holdings Inc. were valued below their $12-per-share offering prices as of Aug. 17, while...