Shares of Tandem Diabetes Care (TNDM) plummeted 5.51% in intraday trading on Tuesday, underperforming the broader market. The sell-off came after Citi analyst Joanne Wuensch downgraded the stock to Neutral from Buy.
Wuensch also slashed her price target on TNDM to $24, down from the previous target of $35. The analyst's move to downgrade and lower the price target suggests concerns over the company's prospects and growth outlook.
The downgrade by the influential Wall Street firm has led to increased selling pressure on Tandem Diabetes Care's shares. Investors are likely reassessing their positions and expectations for the medical device company following Citi's bearish stance.
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