Once Upon a Farm PBC (OFRM)
Forgent Power Solutions (FPS)
Forgent Power Solutions delivered the most constructive tape of the session, trading as a controlled trend day higher. After opening near $26.00, FPS stair-stepped higher throughout the day, printing higher highs with shallow, orderly pullbacks. The stock reached an intraday high near $29.70 before consolidating and ultimately closing near $29.34, firmly in the upper portion of the day’s range.
Volume behavior supported the advance, expanding on upside pushes and contracting during pauses, signaling rotational accumulation rather than speculative excess. Importantly, the move avoided parabolic characteristics and late-day exhaustion, which kept the structure intact into the close. That said, while the price action was undeniably constructive, it lacked the expansion and confirmation required to trigger an IPO Prophet® Bull signal. FPS exits the session as a high-quality continuation candidate, but one that still requires acceptance and follow-through rather than anticipation.
Bob’s Discount Furniture, Inc. (BOBS)
Bob’s Discount Furniture followed a far more traditional IPO fade pattern. After opening at $17.00, BOBS surged early, reaching an intraday high near $18.88. That initial strength, however, proved to be distribution rather than sustainable demand. Once the early momentum failed, the stock transitioned into a steady intraday grind lower.
Throughout the remainder of the session, BOBS struggled to reclaim key intraday levels, with volume declining on bounce attempts — a clear signal of weak dip demand. The stock ultimately closed near $17.02, effectively round-tripping the IPO price and finishing near session lows. While the structure leaned bearish, selling pressure remained orderly and never accelerated into a true breakdown, leaving IPO Prophet® neutral. The takeaway is clear: early enthusiasm faded quickly, and without renewed participation, downside probing remains a risk.
Eikon Therapeutics, Inc. (EIKN)
Eikon Therapeutics was the weakest name on both an absolute and relative basis. After opening near $17.05 and briefly trading as high as $17.40, EIKN entered a persistent downtrend that defined the remainder of the session. Lower highs and minimal bounce attempts characterized the tape, with sellers maintaining control throughout the day.
The stock traded down to a low near $14.37 before closing around $14.81, ending the session near its lows. Volume remained modest compared to the other IPOs, suggesting steady liquidation rather than capitulation. While the directional bias was clearly bearish, the lack of velocity and forced selling prevented a Bear signal from triggering. This was controlled distribution, not panic — an important distinction for traders assessing next-day risk.
Closing Takeaway
Across all three IPOs, today’s action reinforced a key principle: direction alone does not equal conviction. FPS showed constructive upside, while BOBS and EIKN leaned decisively weaker, yet none produced the confirmation characteristics required for an IPO Prophet® signal. In neutral regimes, discipline matters most. Traders are best served waiting for acceptance, rejection, and follow-through at key levels, rather than forcing trades in the absence of confirmation.
