Zoetis Inc. (ZTS) shares plummeted 6.62% during intraday trading on Monday, extending recent losses for the animal health company.

The sharp decline follows a series of analyst price target reductions and disappointing first-quarter financial results. Piper Sandler significantly cut its target price on Zoetis to $90 from $140, while BNP Paribas also lowered its target to $146 from $185. These downgrades come after Zoetis reported Q1 results that missed analyst expectations for both earnings per share and revenue, with management subsequently reducing full-year guidance.

Company executives cited a more challenging operating environment than anticipated, noting heightened price sensitivity among pet owners has led to reduced veterinary visits. This resulted in an 8% decline in U.S. market revenue and an 11% drop in companion animal product sales during the quarter.