Tandem Diabetes Care (TNDM) stock plummeted 5.10% in intraday trading on Monday, following analyst downgrades from firms like Bernstein and Wells Fargo.
Bernstein downgraded TNDM from "Outperform" to "Market Perform" and lowered its price target to $35, indicating a more neutral outlook on the company's prospects. Meanwhile, Wells Fargo cut its rating on TNDM from "Overweight" to "Equal-Weight", further contributing to the bearish sentiment surrounding the stock.
The analyst downgrades come as a surprise, as Tandem Diabetes Care previously had an average rating of "Overweight" and a mean price target of $44.40 among analysts polled by FactSet. The downgrades suggest analysts may have growing concerns about the company's future performance or competitive position in the diabetes care market.
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