Guardian Pharmacy slides as shareholders look to cut stake in secondary offering

Shares of Guardian Pharmacy Services GRDN.N plunge as much as 18.1%; last down 16.6% at $22.09

Pharmacy services company late Tuesday announced launch of stock offering of 7.5 million shares

About 6.1 million shares are being offered by certain selling stockholders and ~1.4 million newly issued shares being offered by GRDN

Selling stockholders include investment firms Bindley Capital and Cardinal Equity

GRDN will use the proceeds from the offering to repurchase shares from certain stockholders

Raymond James is the lead book-running manager of the offering

Private equity-backed GRDN went public last year after 8-million-share IPO priced at $14

All two brokerages covering the stock rate "buy"; median PT $28 - data compiled by LSEG

As of last close, GRDN shares up 30.8% YTD