Alphatec Holdings Inc. (ATEC) saw its stock price plummet 31.96% during intraday trading on Wednesday, marking one of its sharpest single-day declines in recent months.

The steep sell-off followed the medical device company's release of its first-quarter 2026 financial results, which revealed a revenue miss. Alphatec reported quarterly revenue of $192.1 million, falling short of the analyst consensus estimate of $197.5 million. The company also posted a net loss of $34 million for the period.

Adding significant downward pressure, multiple Wall Street firms slashed their price targets on the stock. JP Morgan cut its target to $16 from $24, Needham reduced its target to $14 from $25, and Piper Sandler also lowered its target to $14 from $25. These substantial revisions reflect heightened concerns over the company's near-term financial performance and outlook.

Furthermore, Alphatec provided full-year 2026 revenue guidance of approximately $882 million, which is below the analyst expectation of around $887.8 million, contributing to the negative investor sentiment that drove the day's severe price decline.