On January 31, genomic-platform company Exact Sciences (Maynard, MA) completed the first biotech IPO this year, but analysts say the disappointing performance of the offering indicates a market not yet ready for another “biotech boom.” Exact raised $56 million from the sale of 4 million shares at $14—the low end of its range—and after its first full week of trading was down 20% to $11.31. This, despite the company's colorectal cancer diagnostic which, scheduled to enter phase III trials in the fourth quarter, has a clear path to relatively near-term profits, according to SG Cowen (Boston, MA) analyst Bill Tanner. He says this indicates that companies wanting to go public but not expecting to be profitable for 4 or 5 years “don't have a prayer right now.” Tanner adds that the publishing of the human genome sequence is unlikely to help the situation as investors have become more savvy: “People have figured out that [the time from] sequencing the human genome [to] when there's actually value created is a lot farther away then they originally thought.”