Shares of Inspire Medical Systems (INSP) plummeted 14.09% in pre-market trading on Tuesday, as multiple Wall Street analysts lowered their price targets for the medical device company. The significant downward revision of targets has sparked concerns among investors about the company's near-term prospects, leading to a substantial sell-off.

Several prominent research firms adjusted their outlook on Inspire Medical Systems. Jefferies reduced its target price to $205 from $230, while Leerink Partners lowered its target to $176 from $194. Wells Fargo also joined the bearish sentiment, cutting its price target to $174 from $195. Morgan Stanley trimmed its target to $200 from $220, although it maintained an overweight rating on the stock.

Despite the reduced price targets, the overall analyst sentiment for Inspire Medical Systems remains relatively positive. According to FactSet, the company still holds an average rating of overweight, with a mean price target of $218.13. However, the series of downgrades appears to have significantly shaken investor confidence, resulting in the sharp pre-market decline. As the trading session progresses, investors and analysts will be closely monitoring the stock's performance and any potential company updates that might influence its trajectory.