Secondaries Announced 3.29.17

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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. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: e.l.f. Beauty, Inc.
Symbol: ELF
Price: Last Trade $26.63
Trade Date: 3/31
Shares: 7 million
Underwriter(s) J.P. Morgan, Morgan Stanley, Piper Jaffray, Wells Fargo
Co-Manager(s) William Blair, BMO, Cowen, Stifel, SunTrust
Rating = Subscription Needed

Company: Cara Therapeutics
Symbol: CARA
Price: Last Trade $20.25
Trade Date: 3/31
Shares: 3.95 million ($80 million raise)
Underwriter(s) Piper Jaffray, Stifel
Rating = Subscription Needed

Company: Tonix Pharmaceuticals
Symbol: TNXP
Price: Last Trade $5.57
Underwriter(s) : Aegis
Rating = Subscription Needed

Company: Cenovus Energy
Symbol: CVE
Price: Last Trade $13.08
Re-Offer: Subscription Needed
Trade Date: 3/30
Shares: 187.5 million
Underwriter(s) RBC Capital Markets, J.P. Morgan
Rating = Subscription Needed

Company: OFS Capital Corporation
Symbol: OFS
Price: Last Trade $14.98
Re-offer: Subscription Needed
Trade Date: 3/30
Shares: 3.5 million
Underwriter(s) Morgan Stanley, UBS, Citigroup, J.P. Morgan
Co-Manager(s) Janney Montgomery Scott, Ladenburg Thalmann, Aegis, National Securities Corporation
Rating = Subscription Needed