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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: Aerie Pharmaceuticals, Inc.
Symbol: AERI
Price: Last Trade $54.25
Trade Date: 5/26
Re-offer Range:Subscription Needed
Shares: 0.93 million ($50 million raise)
Underwriter(s) : Cantor Fitzgerald
Rating = Subscription Needed
Company: Trillium Therapeutics
Symbol: TRIL
Price: Last Trade $5.45
Trade Date: 5/26
Re-offer Range: Subscription Needed
Shares: 6 million
Underwriter(s) : Cowen and Company
Co-Manager: Ladenburg Thalmann
Rating = Subscription Needed
Company: Targa Resources Corp.-BLOCK
Symbol: TRGP
Price: Last Trade $48.47
Trade Date: 5/26
Re-offer Range: Subscription Needed
Shares: 17 million
Underwriter(s) : Barclays
Rating = Subscription Needed