Finance Watch: Turning Point Launches IPO, Stock Rises 60% On First Day

Public Company Edition: Turning Point's offering priced at $18 and its stock closed at $28.90. Also, Achaogen's bankruptcy reflects difficult antibacterial market, Ophthotech's name change follows strategy shift, and Gilead lays off 150 sales reps. Plus, cell and gene therapy FOPOs flourish.

Turning Point Therapeutics Inc., which specializes in tyrosine kinase inhibitors (TKIs) for cancer, had one of the best-performing initial public offerings by a biopharmaceutical company this year when its IPO priced at $18 per share on April 16 and its stock closed up 60.6% at $28.90 at the end of its first day of trading on April 17.

After NASH drug developer NGM Biopharmaceuticals Inc. went public on April 4, Turning Point's offering brought the number of...