Secondaries Announced 1.17.18

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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: Arrowhead Pharmaceuticals, Inc.
Symbol: ARWR
Price: Last Trade $5.72
Trade Date: 1/18
Shares: 7 million ($40 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Jefferies, Barclays, Cantor Fitzgerald
Description: Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep, and durable knockdown of target genes.
Rating = Subscription Needed

Company: Agios Pharmaceuticals, Inc.
Symbol: AGIO
Price: Last Trade $70.33
Trade Date: 1/19
Shares: 5.7 million ($400m cash raise)
Underwriter(s): J.P. Morgan, Goldman Sachs, Cowen and Company
Description: Agios is focused on discovering and developing novel investigational medicines to treat cancer and rare genetic diseases through scientific leadership in the field of cellular metabolism.
Rating = Subscription Needed

Company: Innovative Industrial Properties
Symbol: IIPR
Price: Last Trade $31.30
Trade Date: 1/18
Shares: 1 million
Re-Offer Range: Subscription Needed
Underwriter(s): Ladenburg Thalmann, Compass Point Research, National Securities
Description: Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities.
Rating =Subscription Needed

Company: Paratek Pharmaceuticals, Inc.
Symbol: PRTK
Price: Last Trade $17.67
Trade Date: 1/18
Shares: 2.9 million ($50m cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): BTIG
Description: Paratek Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company focused on the development and commercialization of innovative therapeutics based upon tetracycline chemistry.
Rating = Subscription Needed

Company: Eagle Point Credit Company, Inc.
Symbol: ECC
Price: Last Trade $19.13
Trade Date: 1/18
Re-Offer Range: Subscription Needed
Shares: 1.75 million
Underwriter(s): Keefe Bruyette & Woods, UBS
Description: Eagle Point Credit is a non-diversified, closed-end management investment company.
Rating = Subscription Needed

Company: Playa Hotels and Resorts N.V. – Block
Symbol: PLYA
Price: Last Trade $11.31
Trade Date: 1/18
Shares: 6.0 million
Re-Offer Range: Subscription Needed
Underwriter(s): Morgan Stanley
Description: Playa Hotels & Resorts N.V. owns, operates, and develops all-inclusive resorts in prime beachfront locations in various vacation destinations in Mexico and the Caribbean.
Rating = Subscription Needed