Weekly Secondary Performance Recap (1.26.18)

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This past week 20 secondary offerings came to market and IPO Boutique placed BUY ratings on 17 of them. In all, $2.39bn was raised by companies in the secondary market this week.

The average gain of IPO Boutique BUY rated offerings this week at first trade was 5.3%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 4.7%.

It should be noted that one of the three Neutral rated offerings, Strongbridge Biopharma (SBBP), highly skewed the average rating. The Cantor Fitzgerald underwritten offering- bucked a recent trend and outperformed to the tune of 9.6% higher at first trade. It should be noted that SBBP traded down in the session and closed just 3.0% above the offering price.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 3.6% at first trade and an average gain of 8.4% at the high of their first-day of trading.

Secondary offerings continued in numbers and followed through with very impressive gains. Fourteen of the 20 offerings this week were from the healthcare sector and those offerings overwhelmingly outperformed.

Some of the stronger deals this week included Rocket Pharmaceuticals (RCKT) and Iovance Biotherapeutics (IOVA) with gains of 16.7% and 10.4% at first trade. It should be noted that these two…along with Audentes Therapeutics (BOLD), ConforMIS (CFMS) and Rapid7 (RPD) closed 10% or more above their respective offering prices.

The largest deal this week was a $300m offering from Keefe Bruyette and Woods, Union Bankshares (UBSH). The bank opened 0.3% above its offering price and closed 0.4% higher.

There is currently one secondary offering on the schedule for next week, Blink Charging Co. You can purchase this offering through the selling group, Motif.