04.29.19 Secondary Announcement

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries.

Company: Mustang Bio
Symbol: MBIO
Price: Last Trade $4.57
Trade Date: 4/30
Re-Offer Range: $4.00-$4.20
Shares or Cash Raise: $27.5 million
Underwriter(s): Cantor Fitzgerald & Co., Oppenheimer & Co.
Co Manager(s): H.C. Wainwright & Co., Roth Capital Partners
Description: They are a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases.
Rating = Neutral

Company: Agree Realty
Symbol: ADC
Price: Last Trade $67.21
Trade Date: 4/30
Re-Offer Range: $65.50-$66.15
Shares or Cash Raise:2.75 million
Underwriter(s): Jefferies,Citigroup, Wells Fargo Securities, Raymond James
Description: Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants.
Rating = BUY

Company: Magenta Therapeutics, Inc.
Symbol: MGTA
Price: Last Trade $17.01
Trade Date: 5/2
Shares or Cash Raise:4.25 million
Underwriter(s): J.P. Morgan, Goldman Sachs, Cowen
Description: They are a clinical-stage biotechnology company, develops novel medicines to extend the curative power of stem cell transplant, gene therapy, genome editing, and cell therapy to patients.
Rating = BUY

Company: Repligen Corporation
Symbol: RGEN
Price: Last Trade $68.89
Trade Date: 5/1
Shares or Cash Raise: $175 million cash raise
Underwriter(s): J.P. Morgan, Stephens, Janney Montgomery Scott
Description: They are a global bioprocessing company that develops and commercializes highly innovative products that deliver cost and process efficiencies to biological drug manufacturers worldwide.
Rating = BUY