Secondaries Announced 11.13.17

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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: ReWalk Robotics, Ltd.
Symbol: RWLK
Price: Last Trade $1.50
Trade Date: 11/17
Shares: 4 million ($6 million raise)
Underwriter(s) : National Securities
Description: They are an innovative medical device company that is designing, developing and commercializing exoskeletons that allow individuals with mobility impairments or other medical conditions the ability to stand and walk once again.
Rating = Subscription Needed

Company: Sage Therapeutics
Symbol: SAGE
Price: Last Trade $94.65
Trade Date: 11/15
Shares: 3.2 million ($300m cash raise)
Underwriter(s) : J.P. Morgan, Goldman Sachs, Morgan Stanley
Description: Sage Therapeutics is a clinical-stage biopharmaceutical company committed to developing novel medicines to transform the lives of patients with life-altering central nervous system (CNS) disorders.
Rating = Subscription Needed

Company: ProQR Therapeutics
Symbol: PRQR
Price: Last Trade $3.48
Trade Date: 11/14
Shares: 5.75 million ($20m cash raise)
Re-Offer Range:Subscription Needed
Underwriter(s) : H.C. Wainwright
Description: ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA medicines for the treatment of severe genetic rare diseases such as cystic fibrosis, Leber’s congenital amaurosis 10 and dystrophic epidermolysis bullosa.
Rating = Subscription Needed

Company: Gardner Denver Holdings
Symbol: GDI
Price: Last Trade $29.41
Trade Date: 11/16
Shares: 22 million
Underwriter(s) : Goldman Sachs, Citigroup, KKR
Description: They are a leading global provider of mission-critical flow control and compression equipment and associated aftermarket parts, consumables and services, which they sell across multiple attractive end-markets within the industrial, energy and medical industries.
Rating = Subscription Needed

Company: Appian, Inc.
Symbol: APPN
Price: Last Trade $23.25
Trade Date: 11/16
Shares: 3.8 million
Underwriter(s) : Morgan Stanley, Goldman Sachs, Barclays
Co-Manager(s): William Blair, Canaccord Genuity, KeyBanc Capital, Cowen, SunTrust Robinson, BTIG
Description: Appian provides a leading low-code software development platform as a service that enables organizations to rapidly develop powerful and unique applications. The applications created on our platform help companies drive digital transformation and competitive differentiation.
Rating = Subscription Needed

Company: Third Point Reinsurance, Ltd.
Symbol: TPRE
Price: Last Trade $16.89
Trade Date: 11/14
Shares: 15 million
Re-Offer Range: Subscription Needed
Underwriter(s) : J.P. Morgan
Description: The Company is a public company listed on the New York Stock Exchange which, through its wholly-owned subsidiaries Third Point Reinsurance Company Ltd. and Third Point Reinsurance (USA) Ltd., writes property and casualty reinsurance business.
Rating = Subscription Needed

Company: Hyatt Hotels Corporation – Block
Symbol: H
Price: Last Trade $69.74
Trade Date: 11/14
Shares: 0.63 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Morgan Stanley
Description: Hyatt Hotels Corporation, a hospitality company, develops, owns, operates, manages, franchises, licenses, or provides services to full and select service hotels, resorts, and residential and other properties.
Rating = Subscription Needed

Company: Floor & Decor Holdings
Symbol: FND
Price: Last Trade $39.07
Trade Date: 11/16
Shares: 9 million
Underwriter(s) : BofA Merrill Lynch, Barclays, Credit Suisse, UBS Investment Bank, Goldman Sachs & Co., Jefferies, Piper Jaffray, Wells Fargo Securities
Co-Manager: BTIG
Description: Floor & Decor is a multi-channel specialty retailer of hard surface flooring and related accessories, offering a broad in-stock assortment of tile, wood, laminate and natural stone flooring along with decorative and installation accessories at everyday low prices.
Rating = Subscription Needed

Company: Rapid 7, Inc.-BLOCK
Symbol: RPD
Price: Last Trade $19.36
Trade Date: 11/14
Shares: 0.9 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Morgan Stanley
Description: Rapid7 is a leading provider of security data and analytics solutions that enable organizations to implement an active, analytics-driven approach to cyber security.
Rating = Subscription Needed