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2011's Top IPOs

July 7, 2011 1:52 PM EDT
The five best performing IPOs so far this year according to StreetInsider.com's IPO Insider are:

1. Endocyte, Inc. (Nasdaq: ECYT) 145% HIGHER; Biopharmaceutical company Endocyte had a rough start to its life as a public company. After seeing various delays, 12.5 million shares priced on February 4th at $6. The company had planned to offer 5.35 million shares at $13 - $15 per share. However, it’s been nothing but blue skies since its rocky start. Wall Street has been bullish. Wedbush rates Endocyte at Outperform with a $20 price target. The firm believes the company's lead drug EC145 will be filed for accelerated approval in Europe in H2:11 and its accelerated approval in PROC and in the EU is worth $10 per share, and only $7 without the approval. Wedbush estimates EC145 could generate $1.5 to $2.0 billion in sales in the EU and US markets if approved.

2. ServiceSource International (Nasdaq: SREV) 122% HIGHER; After pricing at $10 per share on March 25, this service revenue management company has seen its shares skyrocket to $22 per share. Shares are trading at 183x next year's EPS estimates, but that hasn’t stopped analysts from recommending the shares. Deutsche Bank rates the stock at Buy and said, "ServiceSource is the clear market leader in a rapidly growing but nascent market for maintenance and support renewals, estimated at over $150bn annually and less than 5% penetrated."

3. LinkedIn Corp. (NYSE: LNKD) 108% HIGHER; After pricing at $45 on May 18, shares reached a first day high of $122.70 before backing off. LinkedIn will go down as the first social media company to go public, which will be followed by Zynga and Facebook. Despite the massive rise in the stock, Wall Street has been giddy about the prospects of the company. JP Morgan said: "LinkedIn is disrupting both the online and offline job recruitment markets, and deeper corporate penetration and increasing member engagement will drive strong results over the next few years." The firm believes the company is well positioned to take share of both the ~$27 billion addressable worldwide market for staffing and talent acquisition and the ~$70 billion global online advertising market. JPMorgan is projecting 2010-2013 CAGRs of 55% for revenue and 64% for EBITDA.”

4. Fusion-io (NYSE: FIO) 70% HIGHER; Fusion-io was well-received when it went public on June 9th. The company priced its offering $19.00 per share, above the expected $16-$18 range and raised from $13-$15. Shares ended up opening at $22.50 and after hitting a rough patch after the debut, shares started picking up significant momentum. Analysts have not issued coverage yet, with the quiet period not ending until 7/19/2011. Fusion-io is a next generation storage memory company which decentralizes processing capabilities within a data center and counts Facebook and Apple as its two largest customers. Revenue is surging, but a dark cloud looms.

5. Pacira Pharmaceuticals, Inc. (Nasdaq: PCRX) 66% HIGHER; Pacira didn't get a warm Wall Street welcome, but it has been all uphill since. The IPO priced at $7 on February 3 after first wanting to price between $14-$16; now shares trade near $12. Wall Street has been bullish on the name since coverage started. Brean Murray rates shares at Buy with a $20 price target. The firm said the company’s Exparel market at max will consist of 40 million surgical opportunities annually in the U.S.. The firm believes it will start off around 21 million and increase 5 million annually. These predictions suggest PCRX will generate a total revenue of over $1 billion eventually, Brean Murray said.

For more top IPOs and other daily IPO information go to IPO Insider.


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Deutsche Bank, Brean Murray Carret & Co., JPMorgan