BioCryst Pharmaceuticals (BCRX) saw its stock price plummet 5.03% in Tuesday's pre-market trading session, following downgrades from multiple analysts. The sharp decline comes as Wall Street firms reassess their outlook on the biopharmaceutical company.

Barclays took a cautious stance on BioCryst, maintaining its Hold rating while lowering the price target from $11 to $9. This significant reduction suggests the firm has become more pessimistic about the company's near-term prospects. Similarly, Needham cut its price target on BioCryst from $20 to $18, although the exact rating was not specified in the available reports.

These downward revisions in price targets often signal to investors that analysts believe the stock may be overvalued at current levels, potentially triggering a sell-off. The confluence of multiple analysts reducing their expectations for BioCryst appears to have shaken investor confidence, leading to the substantial pre-market decline. As the trading day progresses, investors will be closely watching to see if the stock can recover from this early setback or if the negative sentiment will persist.