Wells Fargo analyst Lawrence Biegelsen downgraded Wright Medical Group to Market Perform from Outperform and lowered his price target for the shares to $23 from $28. The "rapid decline" in Cartiva sales in Q2 suggests physicians aren't satisfied with the product, Biegelsen tells investors in a research note. Further, the analyst believes Wright's core lower extremities business has become commoditized and that smaller competitors can continue to take the company's reps. In addition, Biegelsen Wright's upper extremities business is likely to slow due to new competition. While there is strategic value in Wright Medical, the fundamentals "look challenging," says the analyst.