Rank

Underwriter

Offerings As Lead

Offerings as Lead or Co-Manager

After-Market Performance (Average)

1

Wedbush PacGrow Life Sciences

1

12

+121%

2

Noble Financial Capital

0

1

+100%

3

Barclays Capital

2

2

+71%

4

National Securities

1

3

+66%

5

Rodman & Renshaw

1

5

+66%

6

Roth Capital Partners

4

9

+43%

7

Wells Fargo

1

1

+42%

8

Canaccord Adams

2

8

+38%

9

Goldman, Sachs & Co.

3

3

+37%

10

Leerink Swann

6

12

+24%

11

Jefferies & Co.

17

17

+23%

12

Deutsche Bank Securities

6

7

+23%

13

Cowen & Co. LLC

2

9

+23%

14

Morgan Stanley

7

7

+22%

15

Oppenheimer & Co.

3

8

+15%

16

J.P. Morgan Securities

8

9

+11%

17

Stifel Nicolaus Weisel

5

7

+11%

18

BMO Capital Markets

1

1

+11%

19

Citigroup Global Markets

5

5

+9%

20

Robert W. Baird & Co.

3

6

+6%

21

Lazard Capital Markets

9

11

0%

22

Paulson Investment Co.

1

1

0%

23

Credit Suisse

2

3

-7%

24

UBS Investment Bank

3

3

-11%

25

Ladenburg, Thalmann & Co.

1

2

-11%

26

Piper Jaffray

4

9

-13%

27

Needham & Co.

1

9

-34%

28

Maxim Group LLC

3

6

-56%

* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from Jan. 1 - Dec. 31, 2010.

# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/10. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentage summed, and then averaged.

Note: Rankings in each chart are made for the purpose of listing underwriters starting with the highest amount raised or highest average percent change. All figures are rounded for the chart. In many cases, multiple underwriters performed exactly the same and are, therefore, ranked alphabetically.