BUZZ - LifeStance Health shares fall due to secondary offering by sponsor reducing its holdings

November 9 - ** Outpatient mental health service provider LifeStance Health (LFST.O) fell 5.6% to $13 in pre-market trading on Monday after launching a secondary public offering.

** LFST, headquartered in Scottsdale, Arizona, announced (link) that certain shareholders will sell 45 million shares.

** According to the prospectus, private equity firms TPG Capital TPG.O and Summit Partners plan to sell approximately 37.2 million and 7.8 million shares respectively (link) (link).

** Additionally, LFST will repurchase 2 million shares from this offering from the bookrunners Barclays and JPMorgan.

** TPG and Summit previously sold LFST shares at $12.35 each in a secondary offering in September (link).

** As of October 28, LFST had approximately 380.2 million outstanding shares.

** As of Friday’s close, the stock was up 96% year-to-date.

** According to data from the London Stock Exchange Group (LSEG), 9 out of 11 analysts rated the stock as “strong buy” or “buy,” and 2 rated it as “hold”; the median target price was $16.50, up from $13 three months ago.

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