Secondaries Announced 2.7.18

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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: MedicNova, Inc.
Symbol: MNOV
Price: Last Trade $9.73
Trade Date: 2/8
Shares: 4.3 million ($40 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Ladenburg Thalmann
Co-Manager(s): B.Riley FBR
Description: They are a publicly-traded biopharmaceutical company founded upon acquiring and developing novel, small-molecule therapeutics for the treatment of diseases with unmet medical needs with a primary commercial focus on the U.S. market.
Rating = Subscription Needed

Company: Viveve Medical, Inc.
Symbol: VIVE
Price: Last Trade $3.83
Trade Date: 2/8
Shares: 7.9 million ($30m cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Cowen
Description: They are a medical technology company focused on women’s intimate health
Rating = Subscription Needed

Company: Sage Therapeutics, Inc.
Symbol: SAGE
Price: Last Trade $177.38
Trade Date: 2/9
Shares: 3.3 million ($575 million cash raise)
Underwriter(s): J.P. Morgan, Goldman Sachs, Morgan Stanley
Description: They are a clinical-stage biopharmaceutical company committed to developing novel medicines to transform the lives of patients with life-altering central nervous system (CNS) disorders.
Rating = Subscription Needed

Company: Adverum Biotechnologies
Symbol: ADVM
Price: Last Trade $7.10
Trade Date: 2/8
Shares: 7.1 million ($50 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Cowen, Piper Jaffray
Co-Manager(s): Raymond James
Description: They are a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases.
Rating = Subscription Needed

Company: Everspin Technologies, Inc.
Symbol: MRAM
Price: Last Trade $8.68
Trade Date: 2/8
Shares: 3.5 million ($25 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Stifel
Description: They are the worldwide leader in designing, manufacturing, and commercially shipping discrete and embedded MRAM into markets and applications where data persistence, performance, and endurance are paramount.
Rating =Subscription Needed

Company: Gemphire Therapeutics, Inc.
Symbol: GEMP
Price: Last Trade $8.63
Trade Date: 2/8
Shares: 2.86 million ($20 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Piper Jaffray
Co-Manager: Raymond James
Description: They are a clinical-stage biopharmaceutical company that is committed to helping patients with cardiometabolic disorders, including dyslipidemia and NASH.
Rating = Subscription Needed

Company: Oaktree Capital Group LLC-BLOCK
Symbol: OAK
Price: Last Trade $45.65
Trade Date: 2/8
Shares: 5 million
Re-Offer Range: Subscription Needed
Underwriter(s): Morgan Stanley
Description: Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies.
Rating = Subscription Needed

Company: Cadence Bancorporation
Symbol: CADE
Price: Last Trade $26.96
Trade Date: 2/9
Shares: 7 million
Underwriter(s): Goldman Sachs, J.P. Morgan, Keefe Bruyette & Woods, Sandler O’ Neill + Partners
Co-Manager(s): Baird, Raymond James, RBC Capital, Stephens Inc.
Description: They are a bank holding company and a Delaware corporation headquartered in Houston, Texas, and is the parent company of Cadence Bank.
Rating = Subscription Needed