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Kodiak Reminds Perceptive Advisors of the Risks of IPOs

The hedge fund headed by Joseph Edelman more than doubled its stake in the biopharmaceutical company.

This was no doubt a bittersweet deal for Joseph Edelman’s Perceptive Advisors.When Kodiak Sciences was gearing up to go public earlier this month, the developmental-stage biopharmaceutical company planned to offer 9 million shares for between $13 and $15 per share.But when it finally began trading on October 4, the IPO

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