NDRM: IPO Update

Basic Facts

IPO Date: 11/14/14

IPO Price: $10

Based in Israel


Neuroderm (NDAQ: NDRM) is up over 100% today after announcing positive trial results for its Parkinson’s disease drug. After IPO-ing at $10 (below the proposed range) in mid-November, NDRM fell as low as $5.50 last week. In September a competitor to NDRM, Civitas Therapeutics, was bought out by Acorda Therapeutics (NASDAQ: ACOR), which makes NDRM seem like an attractive acquisition candidate for companies such as Novartis, Abbot Labs, and Impax Labs, which are all in the process of making their own Parkinson’s drugs. And with a market cap of $220 mm, NDRM would cost far less than Civitas, which was purchased for about $550 mm.

In the coming days, I believe NDRM can continue this uptrend due to a short squeeze and frenzied buying based off their good news. NDRM might act similar to the way ICPT and BLUE traded following the release of positive news and large percentage up days. The day after ICPT released positive lab results in January 2014 they climbed about 70%, and BLUE climbed about 30% following their positive trial results earlier this month.

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