Globus Medical (GMED) shares plummeted 5.41% during intraday trading on Friday.
The sharp decline came after Wells Fargo lowered its price target on the stock to $103 from $104, while maintaining an Overweight rating. Analyst adjustments can significantly impact market sentiment, and this reduction may have prompted investor selling pressure.
This movement contrasts with earlier premarket strength driven by the company's reported first-quarter earnings and revenue that exceeded analyst estimates.