Secondaries Announced 5.8.17

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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: Becton, Dickinson and Company
Symbol: BDX
Price: Last Trade $185.40
Trade Date 5/11
Shares: 12.1 million
Underwriter(s) Citigroup, J.P. Morgan, Morgan Stanley, Wells Fargo Securities, BNP PARIBAS, MUFG, Barclays
Co-Manager Scotiabank; BTIG; BNY Mellon Capital Markets, LLC; ING; Loop Capital Markets; and The Williams Capital Group, L.P.
Rating = Subscription Needed

Note: $2.25bn of Depository Shares to be sold — Depository shares represent a 1/20th interest in its mandatory convertible preferred stock.

Company: Argenx N.V.
Symbol: ARGX
Price: Last Trade ~ $18.18
Trade Date: 5/18
Shares: 3.6 million ADS
Underwriter(s) Cowen and Company, Piper Jaffray
Co-Manager(s) JMP Securities, Wedbush PacGrow
Rating = Neutral

Note: Their ordinary shares are listed on Euronext Brussels under the symbol ‘ARGX’. On May 5, 2017, the last reported sale price of their ordinary shares on Euronext Brussels was €16.59 per share, equivalent to a price of $18.18 per share, based on an exchange rate of $1.0961 to €1.00.

Company: Fogo de Chao, Inc.
Symbol: FOGO
Price: Last Trade $16.65
Trade Date: 5/12
Shares: 4.5 million
Underwriter(s) Jefferies, J.P. Morgan, Credit Suisse, Piper Jaffray, RBC Capital, Wells Fargo, Deutsche Bank Securities, Macquarie Capital
Rating = Subscription Needed

Company: Gladstone Investment Corporation
Symbol: GAIN
Price: Last Trade $9.65
Trade Date: 5/9
Re-offer Range: Subscription Needed
Shares: 2.6 million
Underwriter(s) Janney Montgomery Scott, Ladenburg Thalmann
Co-Manager(s) William Blair, Wunderlich, Maxim Group, BB&T Capital Markets, Nomura, J.J.B Hilliard, W.L. Lyons, Wedbush Securities
Rating = Subscription Needed

Company: Accelerate Diagnostics, Inc.
Symbol: AXDX
Price: Last Trade $29.15
Trade Date: 5/10
Shares: 2.5 million
Underwriter(s) J.P. Morgan, William Blair & Company, Piper Jaffray
Co-Manager(s): BTIG
Rating = Subscription Needed

Company: Armada Hoffler Properties, Inc.
Symbol: AHH
Price: Last Trade $13.78
Trade Date: 5/9
Re-offer Range: Subscription Needed
Shares: 6 million
Underwriter(s) BofA Merrill Lynch, Stifel, Baird, Raymond James
Co-Manager(s): Janney Montgomery Scott, Wunderlich
Rating = Subscription Needed

Company: Cytokinetics, Incorporated
Symbol: CYTK
Price: Last Trade $15.65
Trade Date: 5/9
Re-offer Range: Subscription Needed
Shares: 4.8 million
Underwriter(s) Morgan Stanley
Rating = Subscription Needed

Company: Preferred Apartment Communities, Inc.
Symbol: APTS
Price: Last Trade $15.87
Trade Date: 5/9
Re-offer Range: Subscription Needed
Shares: 2.75 million
Underwriter(s) Deutsche Bank Securities
Co-Manager JonesTrading Institutional Services
Rating = Subscription Needed

Company: Black Knight Financial Services, Inc.
Symbol: BKFS
Price: Last Trade $40.60
Trade Date: 5/9
Re-offer Range: Subscription Needed
Shares: 5 million
Underwriter(s) J.P. Morgan
Rating = Subscription Needed