Stryker's stock plummeted 5.02% during intraday trading on Friday, reflecting significant selling pressure on the medical device company.

The sharp decline follows a series of analyst price target reductions from major financial institutions. Deutsche Bank cut its target to $315 from $402, Needham lowered its target to $418 from $454, TD Cowen adjusted to $355 from $387, JPMorgan reduced to $400 from $445, Evercore ISI trimmed to $355 from $365, Baird lowered to $385 from $437, and Raymond James cut to $383 from $418.

Adding to investor concerns, the company recently reported first-quarter results that revealed it had been dealing with a cyberattack during the period. While Stryker posted higher sales and profit compared to the same quarter a year ago, the cybersecurity incident has raised questions about operational resilience and potential future impacts.