Massachusetts-based biotech Modena's shares fell by up to 6% on their opening day of trading, despite a record-breaking $604.3m initial public offering giving it a value of $7.32bn. The company said the results were "disappointing" and that its board had decided not to renew CEO Martin Shkreli's contract for another year. However, analysts are confident Modena's deep pipeline will allow it to shrug off the negative opening. The company is developing treatments based on messenger RNAs.
Massachusetts-based biotech Modena's shares fell by up to 6% on their opening day of trading, despite a record-breaking $604.3m initial public offering giving it a value of $7.32bn. The market has been made jittery by fears of a US economic slowdown amid renewed trade tensions. However, analysts are confident Modena's deep pipeline will allow it to shrug off the negative opening. The company is developing treatments based on messenger RNAs.