Secondaries Announced 3.7.18

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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: Checkpoint Therapeutics
Symbol: CKPT
Price: Last Trade $5.34
Trade Date: 3/8
Shares: 3.0 million (cash raise $10-$15 million)
Re-Offer Range: Subscription Needed
Underwriter(s): National Securities Corporation
Description: They are a clinical-stage, immuno-oncology biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for patients with solid tumor cancers.
Rating = Subscription Needed

Company: Corvus Pharmaceuticals
Symbol: CRVS
Price: Last Trade $9.52
Trade Date: 3/8
Shares: 5.3 million ($50.0m cash raise listed)
Re-Offer Range: Subscription Needed
Underwriter(s): Credit Suisse, Jefferies
Description: Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development and commercialization of small molecule and antibody agents that precisely target crucial enzymes and proteins in the immune system to treat patients with cancer.
Rating = Subscription Needed

Company: Guidewire Software, Inc.
Symbol: GWRE
Price: Last Trade $91.17
Trade Date: 3/9
Shares: 2.2 million ($200m cash raise on common stock)
Underwriter(s): Goldman Sachs, J.P. Morgan, Citigroup
Co-Manager(s): BofA Merrill Lynch, Deutsche Bank, Piper Jaffray, William Blair, KeyBanc Capital, Stifel, JMP Securities, D.A. Davidson
Description: They provide a technology platform which consists of three elements: core transaction processing, data management and analytics, and digital engagement.
Rating = Subscription Needed
Note: Concurrent $300 million aggregate principal amount of its convertible senior notes due 2025