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BofA analyst Kevin Fischbeck downgraded Clover Health Investments (CLOV) to Underperform from Neutral with an unchanged price target of $10.

The stock closed Wednesday down 24% to $16.92. Following the 100% rally in the past week, the shares are now trading at a 70% premium to Alignment Healthcare (ALHC), its closest comp, despite a similar growth profile and lower near term margin trajectory, Fischbeck tells investors in a research note.

The analyst continues to believe the Clover Assistant "provides value and helps reduce costs," but he says the company's current growth trajectory does not support the valuation. Further, recent reductions in its membership growth targets for Medicare Advantage and Direct Contracting lower visibility contends Fischbeck.