A highly negative research report from Citron spooks investors into shaving 11% from Intuitive Surgical shares in 2 days.
A research report blasting Intuitive Surgical (NSDQ:ISRG) spooked investors on Wall Street yesterday and today, prompting a selloff that's shaved some 11% from the medical device company's share price.
Citron Research, citing several factors that investors had ignored, said yesterday that it expects ISRG shares to drop to $350 over the next year and as low as $250 over the next 18 months.
ISRG shares began yesterday at $547.33 each, but as The Street digested the Citron report unusually heavy trading plunged the stock to a $515.45 close, down 5.7% on the day. Shares opened today at $508.82 and slipped another 5.3% to close at $488.31 apiece.