Guardian Pharmacy slides as shareholders offload in $186 mln secondary offering

Guardian Pharmacy Services GRDN.N shares down 10.1% before the bell at $30.50 after $186 mln secondary offering prices

Pharmacy services provider to long-term healthcare facilities announces 6 mln shares at $31

Offering size boosted from 5 mln shares and priced at 8.6% discount to stock's last sale on Weds

Bindley Capital and Pharmacy Investors are predominant sellers of 4.98 mln shares in offering, per the prospectus

GRDN sold 1.02 mln shares and will use proceeds to repurchase shares from certain existing holders

BofA, Jefferies and Raymond James joint bookrunners for offering

Atlanta, Georgia-based GRDN has 63.3 mln shares outstanding

Through Weds close, stock up ~13% YTD and ~9% shy of record intraday high of $37.43 from Nov 11

2 analysts rate the stock "strong buy", 2 rate "buy"; median PT $38, per LSEG