Biotech IPOs have long been alluring for investors because of how difficult it is to resist buying into the opportunity for a major biotech breakthrough. Shareholders of the company that finally cures cancer will likely all be instant millionaires, so why not take a stake in the next hot biotech IPO?

Evercore Partners analysts Pankaj Patel and Abhra Banerji recently took a look back at biotech IPOs in recent years and compiled a wealth of statistics dating all the way back to 2000. Here’s a summary of what they found.

First Day Of Trading

Unfortunately for many biotech IPO buyers looking for a quick flip, Evercore’s data shows that first-day profits have been hard to come by.

In only three of the past 16 years have more than half of the biotech IPOs finished their first day of public trading above their issue price. The only year in the past eleven years biotech IPOs saw more day-one gains than losses was 2013.

First Six Months

The numbers get…

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