Secondaries Announced 4.17.17

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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. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries

Company: Agios Pharmaceuticals, Inc.
Symbol: AGIO
Price: Last Trade $55.51
Trade Date 4/19
Shares: 4.5 million
Underwriter(s) J.P. Morgan, Goldman Sachs
CoManager: Cowen and Company
Rating = Subscription Needed

Company: Arena Pharmaceuticals, Inc.
Symbol: ARNA
Price: Last Trade $1.48
Re-offer: Subscription Needed
Trade Date 4/18
Shares: 56.5 million
Underwriter(s) Citigroup, Leerink
Rating = Subscription Needed

Company: Audentes Therapeutics, Inc.
Symbol: BOLD
Price: Last Trade $16.31
Trade Date 4/19
Shares: 4.75 million
Underwriter(s) BofA Merrill Lynch, Cowen and Company, Piper Jaffray
CoManager: Wedbush PacGrow
Rating = Subscription Needed

Company: Galapagos NV
Symbol: GLPG
Price: Last Trade $92.40
Re-Offer: Subscription Needed
Trade Date 4/18
Shares: 2.97 million ($275m cash raise)
Underwriter(s) Morgan Stanley
Rating = Subscription Needed

 

Company: Uniti Group
Symbol: UNI
Price: Last Trade $27.13
Trade Date 4/21
Shares: 16.6 million
Underwriter(s) Citigroup, J.P. Morgan, RBC Capital Markets, BofA Merrill Lynch, Barclays, Credit Suisse, Goldman Sachs & Co., Morgan Stanley, Deutsche Bank Securities
Rating = Subscription Needed