LifeStance Health drops as sponsors offload in $590 mln secondary offering

** Outpatient mental healthcare provider LifeStance Health's LFST.O shares down 2% to $13.50 premarket on Mon after secondary offering prices

** Scottsdale, Arizona-based LFST announces 45 mln share offering by certain holders at $13.12; deal size equates to ~$590.4 mln

** Offering price represents 4.7% discount to stock's last sale on Fri

** Private equity firms TPG Capital TPG.O and Summit Partners to sell ~37.2 mln shares and ~7.8 mln shares, respectively, per the prospectus

** In addition, LFST to concurrently repurchase 2 mln of offering shares from bookrunners Barclays and JP Morgan

** TPG and Summit sold LFST shares in a Sept secondary offering priced at $12.35

** LFST had ~380.2 mln shares outstanding as of Oct 28

** At Fri close, stock up 96% YTD

** 9 of 11 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT of $16.50 up from $13 three months ago, per LSEG