Shares of Hologic Inc. (HOLX) plummeted by 6.59% in pre-market trading on Thursday, following the company's disappointing fiscal first-quarter results and subsequent analyst downgrades.

Hologic's Q1 earnings fell short of market expectations, prompting analysts to lower their ratings and price targets on the stock. The company reported revenue of $1.022 billion, up 1% on a constant currency basis, and non-GAAP earnings per share of $1.03, which was at the high end of its guidance range but failed to impress analysts.

The significant drop in Hologic's stock price was driven by a series of analyst downgrades and price target cuts following the Q1 results. Leerink downgraded the stock to Market Perform from Outperform, citing the mixed Q1 report, and lowered its price target to $75 from $80. Similarly, Jefferies cut its price target to $78 from $85, while JPMorgan lowered its target to $85 from $94.

Analysts expressed concerns over Hologic's outlook and financial performance, particularly in the breast health segment, where the company expects lower capital equipment sales due to a softer gantry market and customers lengthening their replacement cycles ahead of the new Envision platform launch scheduled for 2026.

Despite the disappointing Q1 results and near-term headwinds, Hologic maintained its full-year non-GAAP EPS guidance of $4.25 to $4.35, citing strong financial discipline and the ability to mitigate the bottom-line impact of the issues through cost management measures.