Secondaries Announced 1.23.18

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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: Five Prime Therapeutics
Symbol: FPRX
Price: Last Trade $22.43
Trade Date: 1/25
Shares: 3.4 million ($75m cash raise)
Underwriter(s): Goldman Sachs & Co., J.P. Morgan, Leerink Partners, Wells Fargo
Description: They are a clinical-stage biotechnology company focused on discovering and developing innovative immuno-oncology protein therapeutics
Rating = Subscription Needed

Company: Union Bankshares
Symbol: UBSH
Price: Last Trade $39.01
Trade Date: 1/24
Shares: 7.9 million
Re-Offer Range: TBD
Underwriter(s): Keefe Bruyette & Woods, Sandler O’ Neill, Raymond James, Barclays
Description: Headquartered in Richmond, Virginia, Union Bankshares Corporation is the holding company for Union Bank & Trust, which has 150 banking offices, 39 of which are operated as Xenith Bank, a division of Union Bank & Trust of Richmond, Virginia, and approximately 220 ATMs located throughout Virginia and in portions of Maryland and North Carolina.
Rating = Subscription Needed

Company: Audentes Therapeutics, Inc.
Symbol: BOLD
Price: Last Trade $37.25
Trade Date: 1/25
Shares: 4.1 million ($150m cash raise)
Underwriter(s): BofA Merrill Lynch, Cowen, Leerink
Co-Manager(s): Wedbush PacGrow
Description: They are a clinical stage biotechnology company focused on developing and commercializing gene therapy products for patients living with serious, life-threatening rare diseases.
Rating = Subscription Needed

Company: Synlogic
Symbol: SYBX
Price: Last Trade $10.71
Trade Date: 1/24
Shares: 4.7 million ($50 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Leerink Partners, Piper Jaffray
Co-Manager(s): H.C. Wainwright
Description: Synlogic is pioneering the development of a novel class of living medicines, Synthetic Biotic medicines, based on its proprietary drug development platform.
Rating = Subscription Needed

Company: Rocket Pharmaceuticals, Inc.
Symbol: RCKT
Price: Last Trade $15.19
Trade Date: 1/24
Shares: 3.7 million ($50 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Cowen, Evercore ISI
Description: They an emerging, clinical-stage biotechnology company focused on developing first-in-class gene therapy treatment options for rare, undertreated diseases.
Rating = Subscription Needed

Company: Teekay Corp
Symbol: TK
Price: Last Trade $10.74
Trade Date: 1/24
Shares: 10 million
Re-Offer Range: $9.75-$10.00
Underwriter(s): Morgan Stanley, J.P. Morgan, BofA Merrill Lynch, UBS Investment Bank
Description: They are a leading provider of international crude oil and gas marine transportation services and we also offer offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts.
Rating = Subscription Needed

Company: Rapid7, Inc.
Symbol: RPD
Price: Last Trade $22.03
Trade Date: 1/26
Shares: 5.18 million
Underwriter(s): Barclays, RBC, KeyBanc Capital, Stifel
Co-Manager(s): Cowen and Company, Raymond James, William Blair, BTIG,
Description: They are a leading provider of analytics solutions for security and IT operations
Rating =Subscription Needed

Company: Aerie Pharmaceuticals
Symbol: AERI
Price: Last Trade $61.00
Trade Date: 1/24
Shares: 1.3 million ($75 million cash raise)
Re-Offer Range:$59.20-$60.40
Underwriter(s): Cantor Fitzgerald
Description: They are an ophthalmic pharmaceutical company focused on the discovery, development and commercialization of first-in-class therapies for the treatment of patients with glaucoma or ocular hypertension and other diseases of the eye.
Rating =Subscription Needed

Company: Strongbridge Biopharma plc
Symbol: SBBP
Price: Last Trade $8.70
Trade Date: 1/26
Shares: 5 million
Underwriter(s): Cantor Fitzgerald
Co-Manager(s): JMP Securities
Description: They are a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs.
Rating = Subscription Needed