Secondary Offering Performance Review – Week Ending 6.23.17

This past week 10 secondary offerings came to market and IPO Boutique placed BUY ratings on 6 of them. This week, $1.33bn was raised by companies in the secondary market.

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The average gain of BUY rated offerings this week at first trade was 1.5%

The average gain of Neutral rated offerings this week at first trade was -0.3%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 1.49% at first trade and an average gain of 5.31% at the high of their first-day of trading.

For those that followed IPO Boutique’s BUY rated offerings…they produced solid gains across the board this week. Five of the six BUY rated offerings opened up (all six closed positive or even for the day) and four of the six tallied 4.6% gains or better in their offering day. The average close above the offering price for BUY rated deals this week was 6.8%. Sangamo Therapeutics (Nasdaq: SGMO) opened 2.1% above the $7.25 pricing and closed the day at $8.15 for a 12.4% return for a secondary offering. Cowen and Company and Wells Fargo Securities acted as lead underwriters on the ‘SGMO’ deal. Other deals that were positive for the week included AveXis, Inc. (Nasdaq: AVXS) and Evolent Health (NYSE: EVH) which traded as high as 10.7% and 5.2% above their offering prices, respectively.

The largest offering this week was a $300m raise by Clovis Oncology (Nasdaq: CLVS) that opened 1.2% above the $88.00 offering price and closed the day at $94.29 for a 7.1% return. IPO Boutique placed a BUY rating on that deal. .

There are currently two secondary offering on the schedule for next week, MYnd Analytics, Inc. (Nasdaq: MYAN) and Reven Housing REIT (Nasdaq: RVEN. Both secondary offerings can be indicated through the selling group Motif by clicking on the respective links.