Secondaries Announced 6.19.17

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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.

Company: WageWorks, Inc
Symbol: WAGE
Price: Last Trade $71.65
Trade Date: 6/20
Shares: 2.5 million
Underwriter(s) : William Blair, Stifel
Co-Manager(s): JMP Securities, Needham & Company, SunTrust Robinson Humphrey
Rating = BUY

Company: AveXis, Inc.
Symbol: AVXS
Price: Last Trade $72.03
Trade Date: 6/21
Shares: 2.78 million ($200m cash raise)
Underwriter(s) : Goldman Sachs & Co., Jefferies, BofA Merrill Lynch | BMO Capital Markets
Rating = Subscription Needed

Company: Clovis Oncology, Inc.
Symbol: CLVS
Price: Last Trade $87.88
Trade Date: 6/21
Shares: 2.84 million ($250m cash raise)
Underwriter(s) : J.P. Morgan, BofA Merrill Lynch | Stifel, SunTrust Robinson Humphrey
Rating = Subscription Needed

Company: Fidus Investment Corporation
Symbol: FDUS
Price: Last Trade $17.25
Trade Date: 6/20
Re-offer Range: Subscription Needed
Shares: 1.5 million
Underwriter(s) : Raymond James, Baird and Keefe Bruyette & Woods
Rating = Subscription Needed