Several 'buy' ratings from SmileDirectClub's IPO banks failed to ...
) IPO banks failed to stop its stock from dropping 5% on Monday, reflecting Wall Street’s deepened distaste for money-losing startups in the wake of WeWork’s botched attempt to go public.
Underwriters of SmileDirectClub’s Sept. 11 initial public offer, including JPMorgan, Bank of America Merrill Lynch and UBS, launched analyst coverage of the Nashville, Tennessee-based company, with all recommending investors buy the stock. The company, which sells teeth aligners directly to customers, is among several large, money-losing startups whose IPOs this year have been received coolly by investors doubtful about their valuations and business models.
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