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Trevena (TRVN) is another biotechnology name that jumped on the busy IPO calendar after failing to get their deal priced late in 2013.

This time the terms have been set at $7/share versus the prior $12 to $14. Existing investors may participate in the IPO up to $15M which is a good portion of the new $60M deal size.

So far these downgraded deals haven't been the place to make money in the aftermarket. Witness the quiet open of Celladon (CLDN) yesterday compared to the moonshot of Dicerna (DRNA) which nearly tripled from their above-the-range $15 . . .

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