Shares of Align Technology (ALGN) plummeted 5.01% in intraday trading on Thursday, following a significant target price cut by Leerink Partners. The sharp decline comes as investors react to the lowered expectations for the dental alignment technology company.

Leerink Partners, a respected healthcare-focused investment bank, reduced its target price for Align Technology from $277 to $231. This substantial 16.6% reduction in the price target has sparked concerns among investors about the company's growth prospects and valuation.

While the specific reasons for Leerink's target price cut were not immediately available, such actions by analyst firms often reflect changes in their outlook for a company's financial performance, market conditions, or industry trends. The significant reduction suggests that Leerink may have identified challenges or headwinds that could impact Align Technology's future earnings or market position in the competitive dental technology sector.