Tempus AI shares are down about 3% in Thursday trading (April 16, 2026) as a negative analyst catalyst continues to weigh on sentiment. On April 13, 2026, Jefferies initiated coverage with an Underperform rating and a $35 price target, framing downside risk versus where the stock has been trading this week and putting valuation and execution questions back in focus.

The selloff is coming after a burst of elevated trading activity and a sharp move higher earlier in the week, which can make a stock more sensitive to any bearish narrative. Options activity has also been unusually active recently, which can exacerbate short-term swings as traders hedge or unwind positions after a fast price move.

Near-term direction likely hinges on whether additional analysts echo the more cautious view or whether bullish company-specific catalysts reassert control. Investors will also be watching for any incremental disclosures (including trading-related filings) and for the next scheduled company update referenced by market calendars, as high-growth healthcare AI names can re-rate quickly on new data points.