NEW YORK (TheStreet) -- Shares of ResMed (RMD) were dropping 6.3% to $60.09 on heavy trading volume mid-afternoon Wednesday after the company reported weaker-than-expected results for the 2017 fiscal first quarter.

After yesterday's market close, the San Diego-based medical device company posted adjusted earnings of 62 cents per diluted share, below analysts' forecasts of 64 cents per share.

Revenue increased 13% to $465.4 million year-over-year, but was lower than Wall Street's projections of $474.7 million.

The company's products treat sleep apnea, COPD (chronic obstructive pulmonary disease) and other chronic respiratory diseases.

Canaccord Genuity reduced its price target to $55 from $57 and kept a "hold" rating on shares following the quarterly report.

"We reiterate our hold rating on RMD following a somewhat soft FQ1, given our belief that the firm will continue to face significant pricing pressure in its core OSA (Obstructive Sleep Apnoea) market, with organic growth likely remaining in the low single-digits," the firm wrote in a note earlier today.

BMO Capital Markets cut its price target on the stock to $61 from $66 and maintained a "market perform" rating. The firm said the quarter was a "disappointment."

More than 2.93 million of the company's shares changed hands so far today vs. its average 30-day volume of 872,636 shares.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.

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