(Bloomberg) -- In the weeks following a short seller attack earlier this year, analysts mostly stood behind Spanish blood plasma firm Grifols SA. Now they’re starting to lose faith.  

Alantra Equities on Tuesday became the latest firm to downgrade its recommendation on the stock, saying it has “lost confidence” in the company following “disappointing” guidance. That followed recent moves by Kepler Cheuvreux and Bestinver Securities to put the stock under review. 

Grifols has been in the spotlight since Gotham City Research accused it in January of manipulating its debt and profit figures by consolidating the earnings of units it doesn’t control. The company has denied any wrongdoing.

The stock on Thursday slumped the most on record after management said it may not generate cash this year. And on Friday, Grifols issued a regulatory filing saying that free cash flow in 2024 will be impacted by extraordinary items. 

Alantra analyst Alvaro Lenze wrote that he was unable to make sense of the firm’s free cash flow guidance, adding that its explanations left him with more questions than he had initially. Citing a “lack of communication and transparency,” he warned that “there could be further hidden issues, leading us to lose confidence.” Lenze slashed his price target on the stock by 39% to €10.37, the second-lowest among analysts tracked by Bloomberg.

Grifols shares fell for a second day Tuesday, and the stock is down more than 40% since the Gotham Research report was published. Among other firms, Oddo BHF downgraded Grifols to underperform in January following the report, while Renta 4 has also put its rating under review.

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