Globus Medical Inc. (GMED) shares plummeted 5.37% in intraday trading on Friday despite the company reporting better-than-expected fourth-quarter earnings and revenue results. The stock's decline can be attributed to an analyst lowering their price target on the medical device maker.
For the fourth quarter of 2024, Globus Medical reported adjusted earnings per share of $0.84, beating the Zacks Consensus Estimate by 10.5%. The company's revenue of $657.3 million also surpassed expectations, rising 6.6% year-over-year. The strong performance was driven by increased sales of spine products and enabling technologies.
However, Wells Fargo analyst Vik Chopra lowered the firm's price target on Globus Medical to $93 from $95, while maintaining an Overweight rating on the stock. The analyst's price target adjustment likely contributed to the sell-off in GMED shares during Friday's trading session.
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