** Drug developer Fractyl Health's GUTS.O shares plunge 27.8% to $1.35 premarket

** GUTS late Tuesday announced proposed public offering of shares and pre-funded warrants; size not disclosed

** Proceeds will be used to support its Revita and Rejuva pipeline programs and for other purposes

** GUTS has 48.9 million outstanding shares as of March 31, per offering prospectus

** Ladenburg Thalmann is the sole book-running manager for the offering

** All three brokerages covering the stock rate "buy" or higher; median PT $10 - data compiled by LSEG

** As of last close, GUTS stock down 9.2% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))