Shares of Organon & Co (OGN) plummeted 5.06% in Tuesday's intraday trading session, following target price cuts from major financial institutions and the release of its third-quarter earnings report.
Morgan Stanley lowered its price target on Organon to $9 from $10, while maintaining an Equal Weight rating on the shares. Similarly, JP Morgan reduced its target price to $12 from $14. These downgrades from prominent Wall Street analysts have likely contributed to the significant sell-off in Organon's stock.
The company recently released its Q3 earnings, reporting modest revenue growth. However, the lack of detailed information about the results in the available news suggests that the earnings may not have met market expectations, further pressuring the stock. Investors appear to be reacting negatively to the combination of lowered price targets and potentially disappointing quarterly performance, leading to the sharp decline in Organon's share price.
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