Secondaries Announced 10.24.17

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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.

Company: Idera Pharmaceuticals
Symbol: IDRA
Price: Last Trade $2.18
Trade Date: 10/26
Shares: 27.5 million ($60 million cash raise)
Underwriter(s) : J.P. Morgan, Goldman Sachs & Co., Barclays
Description: Harnessing the approach of the earliest researchers in immunotherapy and the company’s vast experience in developing proprietary immunology platforms, Idera’s lead development program is focused on priming the immune system to play a more powerful role in fighting cancer, ultimately increasing the number of people who can benefit from immunotherapy.
Rating = Subscription Needed

Company: Savara, Inc.
Symbol: SVRA
Price: Last Trade $9.21
Trade Date: 10/25
Shares: 4.9 million ($45m cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s) : Jefferies, JMP Securities, Canaccord Genuity
Co-Manager(s): H.C. Wainwright & Co., Roth Capital
Description: Savara Inc. is a clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel therapies for the treatment of serious or life-threatening rare respiratory diseases.
Rating = Subscription Needed

Company: Scorpio Bulkers, Inc.
Symbol: SALT
Price: Last Trade $8.35
Trade Date: 10/25
Shares: 10.0 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Morgan Stanley
Co-Manager(s):Clarksons Platou Securities, Seaport Global
Description: Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc., after the completion of its recent acquisition of six Ultramax vessels, will own 52 vessels, consisting of 18 Kamsarmax vessels and 34 Ultramax vessels.
Rating = Subscription Needed

Company: Camping World Holdings
Symbol: CWH
Price: Last Trade $42.86
Trade Date: 10/26
Shares: 6.7 million
Underwriter(s) : Goldman Sachs & Co., J.P. Morgan, BofA Merrill Lynch, Credit Suisse
Co-Manager(s): Baird, BMO, KeyBanc Capital, Stephens, Wells Fargo
Description: They believe they are the only provider of a comprehensive portfolio of services, protection plans, products and resources for recreational vehicle enthusiasts.
Rating = Subscription Needed

Company: Sunesis Pharmaceuticals, Inc.
Symbol: SNSS
Price: Last Trade $1.85
Trade Date: 10/25
Shares: 8.1 million ($15 million cash raise)
Re-Offer Range:Subscription Needed
Underwriter(s) : Cowen, Wells Fargo
Co-Manager(s): Oppenheimer & Co.
Description: Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the future treatment of solid and hematologic cancers.
Rating = Subscription Needed

Company: PennantPark Floating Rate Capital Ltd.
Symbol: PFLT
Price: Last Trade $14.59
Trade Date: 10/25
Shares: 6 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Morgan Stanley, Goldman Sachs & Co., J.P. Morgan, Keefe Bruyette & Woods, RBC Capital, SunTrust Robinson Humphrey
Description: PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans.
Rating = Subscription Needed

Company: Hutchison China MediTech Ltd.
Symbol: HCM
Price: Last Trade $27.69
Trade Date: 10/26
Shares: 9.5 million ($262m cash raise)
Underwriter(s) : BofA Merrill Lynch, Deutsche Bank
Co-Manager(s): Stifel, Canaccord Genuity, Panmure Gordon, CITIC CLSA
Description: Chi-Med is an innovative biopharmaceutical company which researches, develops, manufactures and sells pharmaceuticals and healthcare products. Its Innovation Platform, Hutchison MediPharma Limited, focuses on discovering and developing innovative therapeutics in oncology and autoimmune diseases for the global market.
Rating = Subscription Needed