Secondaries Announced 6.1.17

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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: Savara Inc.
Symbol: SVRA
Price: Last Trade $5.16
Trade Date: 6/2
Re-offer Range: Subscription Needed
Shares: 8.4 million ($40 million raise)
Underwriter(s) : Jefferies
Co-Manager(s): Canaccord Genuity, JMP Securities
Rating = Subscription Needed

Company: Park Hotels & Resorts Inc.
Symbol: PK
Price: Last Trade $26.07
Trade Date: 6/2
Re-offer Range: Subscription Needed
Shares: 15 million
Underwriter(s) : Goldman Sachs & Co.
Rating = Subscription Needed