Shares of Beyond Meat Inc. (NASDAQ: BYND) were down over 20% in morning hours on Tuesday after JP Morgan downgraded the stock from Overweight to Neutral. The firm has set its price target at $120.

JP Morgan was the lead underwriter for Beyond Meat’s IPO which took place in May. Analyst Ken Goldman hinted in a note that the stock is too expensive. On Monday, the stock jumped over 600% from its IPO price of $25.

The stock price is said to have exceeded the price target of every Wall Street analyst. According to a report by CNBC, short sellers lost over $400 million betting against the stock.

Last week, Beyond Meat reported its first quarter 2019 results, in which the company reported a 215% increase in revenue to $40.2 million. Net loss widened to $6.6 million while loss per share narrowed to $0.95.

For the full year of 2019, the company has guided for revenues to increase more than 140% to $210 million. Adjusted EBITDA is projected to be about break-even.

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