Perlmutter-backed Eikon Therapeutics rises as IPO research quiet period ends

Shares of drug developer Eikon ‍Therapeutics EIKN.O, headed by Merck veteran Roger Perlmutter, rise 3.9% to $14.31

At least three Wall Street brokerages initiate coverage with bullish ratings as IPO research quiet period ends

"EIKN’s portfolio, led by Keytruda ex-developers, is strategically positioned with two advanced assets through in-licenses and a homegrown pipeline built from its super resolution microscopy discovery engine," J.P. Morgan says

Co's most advanced candidate, EIK1001, in combination with Keytruda, is in a mid- to late-stage study to treat a type of skin cancer

EIKN went public in New York last month after selling 21.2 million shares in an IPO priced at $18 apiece

J.P. Morgan, Morgan Stanley, BofA Securities, Cantor and Mizuho were underwriters for EIKN's offering

As of last close, EIKN stock down 23% since February debut