LifeStance Health falls after $275 mln secondary offering prices
LFST•Secondary offering prices at a discount
** Shares of outpatient mental healthcare provider LifeStance Health ** LFST.O were down 2.4% to $12.49 premarket on Wednesday after a secondary offering priced.
** Scottsdale, Arizona-based LFST announced certain holders will part with 22.25 million shares at $12.35 for about $274.9 million.
** The offering price represents a 3.5% discount to the stock's last close.
** In addition, LFST will repurchase 2 million of the offering shares from the underwriter Barclays.
** Private equity firms TPG Capital TPG.O and Summit Partners are selling about 18.41 million shares and 3.84 million shares, respectively, per the prospectus.
** LFST has about 382.1 million shares outstanding.
** Through Tuesday, the stock was up 67% over the past three months and 82% year to date.
** Nine of 12 analysts rate the stock "strong buy" or "buy" and three rate it "hold"; median price target is $13.
