Nature's Sunshine Products plunges after $34 million secondary offering

Shares of dietary supplements maker Nature's Sunshine Products NATR.O fall as much as 9.8%; last down 6.1% at $13.93

Lehi, Utah-based NATR announces pricing of secondary offering of ~2.9 million shares sold by Fosun Pharma USA at $12 apiece for gross proceeds of $34.3 million

Offering priced at 19% discount to stock's last close

As part of the offering, NATR agreed to purchase up to $15 million of shares from underwriters at offer price

D.A. Davidson was sole book‐running manager for offering

Prior to offering, Fosun Pharma was NATR's top shareholder with a 15.5% stake, according to prospectus

All two brokerages covering the stock rate it "buy"; median PT $20 - data compiled by LSEG

As of last close, NATR stock up 1.2% YTD