Secondaries Announced 4.11.18

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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.

Company: Daqo New Energy Corp
Symbol: DQ
Price: Last Trade $59.40
Trade Date: 4/12
Shares: 2 million
Re-offer Range: Subscription Needed
Underwriter(s): Credit Suisse
Co-Manager(s): Roth Capital
Description: They are a leading manufacturer of high-purity polysilicon for the global solar PV industry.
Rating = Subscription Needed

Company: PolarityTE, Inc.
Symbol: COOL
Price: Last Trade $18.31
Trade Date: 4/12
Shares: 1.4 million ($25m cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Cantor Fitzgerald & Co.
Description: PolarityTE is a commercial-stage biotechnology and regenerative medicine company focused on transforming the lives of patients by discovering, designing and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering and material sciences.
Rating = Subscription Needed

Company: Novavax Inc
Symbol: NVAX
Price: Last Trade $2.08
Trade Date: 4/12
Shares: 15.2 million ($25 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Citigroup, Piper Jaffray
Description: They are a clinical-stage biotechnology company committed to delivering novel products to prevent infectious diseases.
Rating = Subscription Needed

Company: American Water Works Company, Inc.
Symbol: AWK
Price: Last Trade $81.81
Trade Date: 4/12
Shares: 2.32 million
Re-Offer Range: Subscription Needed
Underwriter(s): J.P. Morgan, Wells Fargo
Description: American Water is an American public utility company operating in the United States and Canada. It was founded in 1886 as the American Water Works & Guarantee Company.
Rating = Subscription Needed