Secondaries Announced 7.11.17

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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: BBVA Banco Frances S.A.
Symbol: BFR
Price: Last Trade $18.14
Trade Date: 7/19
Shares: 82.6 million
Underwriter(s) : Morgan Stanley, Credit Suisse, Citigroup, BBVA
Rating = Subscription Needed

Company: Arena Pharmaceuticals, Inc.
Symbol: ARNA
Price: Last Trade $26.00
Trade Date: 7/13
Shares: 5.77 million ($150 million cash raise)
Underwriter(s) : Citigroup, Leerink Partners, Cantor Fitzgerald, UBS Investment Bank
Co-Manager(s): JMP Securities
Rating = Subscription Needed

Company: Kindred Biosciences, Inc.
Symbol: KIN
Price: Last Trade $7.85
Trade Date: 7/12
Re-offer Range: Subscription Needed
Shares: TBD
Underwriter(s) : Ladenburg Thalmann
Co-Manager(s): Aegis Capital
Rating = Subscription Needed

Company: Alder Biopharmaceuticals, Inc.
Symbol: ALDR
Price: Last Trade $12.20
Trade Date: 7/13
Shares: 12.5 million
Underwriter(s) : Leerink Partners, Wells Fargo Securities
Co-Manager: Needham & Co.
Rating = Subscription Needed