NEW YORK (CNN/Money) -
There were six initial public offerings of stock this week and not one traded at the prices initially set by underwriters, in what one expert called the toughest week for IPOs in close to four years.
"The investor demand wasn't there," said Richard Peterson, chief market strategist with Thomson Financial. "In terms of pricing, this is the worst week since August 2000."
As if picking up bargains from the discount rack, investors bid up shares of four of the companies following the price reductions. Others stayed in negative territory.
Shares of medical device firm AngioDynamics (ANGO: Research, Estimates) jumped 15 percent in late trading. It priced at $11 for each of its 1.95 million shares, down from an initial range of $12-$14 a share.
Biotech firm Critical Therapeutics (CRTX: Research, Estimates) inched up 0.14 percent from its pricing of $7 a share for each of its 5 million shares. It's original range was $11 to $13 per share.
The lone IPO loser Thursday was biotech Acadia Pharmaceuticals (ACAD: Research, Estimates), which fell 5 percent from its pricing of $7 for each of its 5 million shares offered. Acadia's initial price was set at $12 to $14 a share.
Thomson's Peterson blamed a glut of offerings for the biotech's poor performance. "There's really an over supply of biotech offerings," noted Peterson. "That sector has been leading the offerings and it's been a poor year for biotech."
Republic Airways Holdings Inc. (RJET: Research, Estimates) rose 4.5 percent after its 5 million shares were priced at $13 apiece, down from its original range of $14 to $16 each.
David Menlow, president of reserch firm IPOfinancial.com, said Republic's IPO, launched amid soaring oil prices, issued at a poor time. "It's been a tough for airlines and the concern with Republic was with higher jet fuel prices."
Standard Parking (STAN: Research, Estimates) shares saw a pop of 7 percent in their debut, up from a pricing of $11.50 for each of 4.5 million shares. Standard's original range was $14-$16 a share.
"These companies could have pulled back," added Peterson. "But the reason for pulling out is usually market conditions, and it's hard to justify that right now."
The week started with a disappointing debut by the largest IPO of the year in Genworth Financial (GNW: Research, Estimates), General Electric's insurance unit. Genworth offered 145 million class A shares to underwriters for $19.50 apiece, below the earlier estimate of $21-$23 a share.
That reduction in offering price cut the amount Genworth raised to $2.8 billion from previous estimates of $3.3 billion.
Even with the lowered price, the company's stock didn't have a warm reception on Wall Street, falling about 4 percent in early trading. Genworth shares eventually closed flat on the session, however.
GE sold a 30 percent stake in Genworth to public investors to reduce its exposure to financial services and focus on faster-growing businesses in a bid to reach its goal of double-digit profit growth in 2005, according to GE's annual report.
Despite, the lackluster week, Thomson's Peterson said this year is expected to be the best year for IPO underwriters since 2000, with the crown jewel Google yet to come.
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