Secondaries Announced 5.21.18

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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: Plymouth REIT
Symbol: PLYM
Price: Last Trade $17.88
Trade Date: 5/25
Shares: 4.25 million
Underwriter(s): Sandler O’ Neill + Partners, D.A. Davidson & Co.
Co-Manager(s): BB&T Capital, National Securities, American Capital Partners
Description: They are a full service, vertically integrated, self-administered and self-managed Maryland corporation focused on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the United States.
Rating = Subscription Needed

Company: USA Technologies Inc
Symbol: USAT
Price: Last Trade $11.70
Trade Date: 5/23
Shares: 4.7 million
Underwriter(s): William Blair
Co-Manager(s): Craig Hallum, Northland Capital, Barrington Research
Description: The company provides wireless networking, cashless transactions, asset monitoring, and other value-added services principally to the small ticket, unattended Point of Sale market.
Rating = Subscription Needed

Company: MyoKardia, Inc.
Symbol: MYOK
Price: Last Trade $48.35
Trade Date: 5/23
Shares: 3.75 million
Underwriter(s): J.P. Morgan, BofA Merrill Lynch, Credit Suisse, Wells Fargo
Description: MyoKardia is a clinical-stage biopharmaceutical company pioneering a precision medicine approach to discover, develop and commercialize targeted therapies for the treatment of serious and rare cardiovascular diseases.
Rating = Subscription Needed

Company: Ardelyx, Inc.
Symbol: ARDX
Price: Last Trade $5.65
Trade Date: 5/23
Shares: 8.9 million ($50m cash raise)
Underwriter(s): Jefferies, Leerink Partners
Description: Ardelyx is focused on enhancing the way people with renal diseases are treated by developing first-in-class medicines.
Rating = Subscription Needed

Company: Melinta Therapeutics, Inc.
Symbol: MLNT
Price: Last Trade $7.30
Trade Date: 5/24
Shares: 10.3 million ($75 million cash raise)
Underwriter(s): J.P. Morgan, Jefferies
Co-Manager(s): Cantor
Description: They are a commercial-stage pharmaceutical company focused on discovering, developing and commercializing differentiated anti-infectives for the hospital and select non-hospital, or community, settings that address the need for effective treatments for infections due to resistant gram-negative and gram-positive bacteria.
Rating = Subscription Needed

Company: Coherus BioSciences
Symbol: CHRS
Price: Last Trade $15.25
Trade Date: 5/23
Shares: 4.9 million ($75m cash raise)
Underwriter(s): J.P. Morgan, Citigroup
Co-Manager(s): Baird, H.C. Wainwright & Co., Maxim Group
Description: Coherus is a U.S. based integrated development and commercialization biologics company, focused on biosimilars.
Rating = Subscription Needed

Company: SailPoint Technologies Holdings
Symbol: SAIL
Price: Last Trade $22.44
Trade Date: 5/24
Shares: 15 million
Underwriter(s): Morgan Stanley, Goldman Sachs, Citigroup, Jefferies, RBC Capital
Co-Manager(s): KeyBanc Capital, Piper Jaffray, Canaccord Genuity, Oppenheimer & Co., BTIG
Description: SailPoint is a leading provider of enterprise identity governance solutions.
Rating = Subscription Needed

Company: FB Financial Corporation
Symbol: FBK
Price: Last Trade $43.64
Trade Date: 5/23
Shares: 3.2 million
Underwriter(s): J.P. Morgan, Stephens Inc.
Description: They are a bank holding company headquartered in Nashville, Tennessee.
Rating = Subscription Needed

Company: 2U, Inc.
Symbol: TWOU
Price: Last Trade $95.93
Trade Date: 5/23
Shares: 3.2 million ($300 million cash raise)
Underwriter(s): Goldman Sachs, Credit Suisse, Citigroup
Co-Manager(s): Compass Point, KeyBanc Capital, Macquarie Capital
Description: 2U partners with great colleges and universities to build what we believe is the world’s best digital education.
Rating = Subscription Needed

Company: Benefitfocus, Inc.-BLOCK
Symbol: BNFT
Price: Last Trade $35.25
Trade Date: 5/22
Re-offer Range: $33.50-$34.00
Shares: 2.5 million
Underwriter(s): JP Morgan
Description: They unifies the entire U.S. benefits industry on a single technology platform to protect consumers’ health, wealth and lifestyle.
Rating = Subscription Needed

Company: RealPage, Inc.
Symbol: RP
Price: Last Trade $59.50
Trade Date: 5/24
Shares: 6.5 million
Underwriter(s): Morgan Stanley, J.P. Morgan, RBC Capital
Co-Manager(s): JMP Securities, KeyBanc Capital, Fifth Third Securities
Description: RealPage is a leading global provider of software and data analytics to the real estate industry.
Rating = Subscription Needed

Company: Cadence Bancorporation
Symbol: CADE
Price: Last Trade $29.05
Trade Date: 5/23
Shares: 15 million
Underwriter(s): Goldman Sachs, J.P. Morgan, Morgan Stanley, Keefe Bruyette & Woods, Sandler O’Neill, Barclays, RBC
Co-Manager(s): Stephens, Inc.
Description: Cadence Bancorporation is a $11 billion in assets regional bank holding company headquartered in Houston, Texas.
Rating = Subscription Needed