Weekly Secondary Performance Report (6.30.17)

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This past week 15 secondary offerings came to market and IPO Boutique placed BUY ratings on 6 of them. This week, $2.25bn was raised by companies in the secondary market.

The average gain of BUY rated offerings this week at first trade was 0.3%

The average gain of Neutral rated offerings this week at first trade was -1.1%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 1.46% at first trade and an average gain of 5.9% at the high of their first-day of trading.

It was a mixed bag for the Secondary market as the deals that worked had large gains that skewed averages for both the BUY and Neutral rated secondaries. The best deal this week was an energy sector offering, Carrizzo Oil (CRZO), which opened 4.1% above the offering price and closed the session 12.4% higher. The 15.6mm share offering was underwritten by Goldman Sachs and Wells Fargo Securities. Other deals that performed well included those in the healthcare sector. Neos Therapeutics (NEOS), bluebird bio (BLUE) and Akebia Therapeutics (AKBA) gave investors returns of 4.4%, 3.9% and 4.1%, respectively, as of the closing print on their respective offering days. IPO Boutique had BUY ratings on all three of these.

There are currently no offerings on the schedule this week. From all of us at IPO Boutique, we wish you a safe and happy extended Fourth of July weekend!