Secondaries Announced 5.23.17

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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: The Trade Desk
Symbol: TTD
Price: Last Trade $52.51
Trade Date: 5/24
Shares: 3.3 million
Underwriter(s) Citigroup, Jefferies, RBC Capital Markets, Needham & Company, Raymond James
Rating = Subscription Needed

Company: Albireo Pharma, Inc.
Symbol: ALBO
Price: Last Trade $21.21
Trade Date: 5/24
Re-offer Range: Subscription Needed
Shares: 1.9 million
Underwriter(s) Cowen and Company, William Blair
Co-Manager(s): Needham & Company, Wedbush PacGrow
Rating = Subscription Needed

Company: Achaogen, Inc.
Symbol: AKAO
Price: Last Trade $26.08
Trade Date: 5/25
Shares: 5 million
Underwriter(s) Leerink Partners, Cowen and Company, Stifel
Rating = Subscription Needed

Company: Alnylam Pharmaceuticals, Inc.
Symbol: ALNY
Price: Last Trade $74.87
Trade Date: 5/24
Re-offer Range: Subscription Needed
Shares: 5 million
Underwriter(s) Barclays
Rating = Subscription Needed

Company: Scorpio Tankers Inc.
Symbol: STNG
Price: Last Trade $4.20
Trade Date: 5/24
Re-offer Range: Subscription Needed
Shares: 47.6 million ($200 million raise)
Underwriter(s) Morgan Stanley
Co-Manager(s): ABN AMRO, Clarksons Platou Securities AS, Evercore ISI, Pareto Securities, Seaport Global Securities
Rating = Subscription Needed

Company: Syndax Pharmaceuticals
Symbol: SNDX
Price: Last Trade $14.67
Trade Date: 5/25
Shares: ($50 million raise)
Underwriter(s) Morgan Stanley, Citigroup, Cowen and Company
Rating = Subscription Needed

Company: Quantenna Communications, Inc. – Block
Symbol: QTNA
Price: Last Trade $20.57
Trade Date: 5/24
Re-offer Range: Subscription Needed
Shares: 1.98 million
Underwriter(s) Morgan Stanley
Rating = Subscription Needed