Shares of agilon health, inc. (AGL) plummeted 5.05% in pre-market trading on Tuesday, following news that Wells Fargo has cut its price target for the company. The financial services firm reduced its target price for agilon health from $6 to $5, signaling a more pessimistic outlook for the healthcare company.

The significant reduction in the price target by a major financial institution like Wells Fargo often leads to negative investor sentiment. This adjustment suggests that analysts at Wells Fargo may have concerns about agilon health's future performance or growth prospects. As a result, investors appear to be reassessing their positions, leading to the sharp decline in the company's stock price.

While specific reasons for Wells Fargo's decision were not provided in the available information, such target price cuts are typically based on various factors including financial performance, market conditions, and industry trends. Investors and market watchers will likely be keeping a close eye on agilon health for any further developments or announcements that might provide more context to this price target reduction and its potential impact on the company's future.