TransMedics Group, Inc. (TMDX) saw its stock decline by 1.81% to close at $85.14 on December 2, 2024, with further pressure in after-hours trading, dropping an additional 9.57% to $76.99. The day's downturn was primarily driven by the company's announcement of a narrowed revenue forecast for fiscal year 2024, now expected to be between $428 million and $432 million, slightly below the consensus estimate of $432.37 million. This revision has raised investor concerns about the company's growth prospects. Additionally, Morgan Stanley's decision to lower its price target for TransMedics by $7 added to the negative sentiment, contributing to the stock's decline.
The trading volume for the day was 949,557, which is 57.77% of the average daily volume, indicating a moderate level of trading activity as investors reacted to the news. The stock opened at its highest point of the day at $87.02 but quickly fell to a low of $84.00 as the market digested the updated guidance and analyst adjustments.