Bowhead Specialty dips as top holder cuts stake in secondary offering

** Shares of insurer Bowhead Specialty Holdings BOW.N down 3.8% at $30.88 early Thurs after secondary offering

** New York City-based BOW late Weds announced 2 mln shares to be offloaded by private equity firm Gallatin Point Capital (GPC)

** Offering priced at $30.80, thefly.com reports, which is 4% discount to stock's last close

** RBC sole underwriter for offering

** Sale by GPC takes its holdings to ~9 mln shares, or roughly 27% stake, per LSEG data

** BOW has ~32.8 mln shares outstanding for ~$1 bln market cap through Weds

** With move on the session, stock down 13% YTD

** Of 6 analysts covering BOW, recommendation breakdown is 3 "buy" and 3 "hold" and median PT is $40.50 - LSEG

** Co went public in May 2024 IPO priced at $17