Agilon Health Inc. (AGL) shares are taking a breather on Friday, dropping about 11.5% to $53.67. That might sound alarming, but it's just a natural pullback after a truly wild Thursday — the stock more than doubled, soaring over 100% in a single session.

What happened? The company reported first-quarter earnings that blew past expectations. Agilon posted earnings of $1.80 per share, crushing the $1.31 consensus estimate. Revenue came in at $1.42 billion, also ahead of the $1.38 billion Wall Street was looking for. That kind of beat tends to get investors excited.

And it wasn't just the quarter. Agilon also raised its full-year 2026 sales guidance to a range of $5.68 billion to $5.81 billion, well above the $5.45 billion consensus. The company's Total Care Model is showing early returns, according to Executive Chairman Ronald Williams, who pointed to investments in data and technology starting to pay off. Medical margins improved to $149 million, even as membership dipped slightly to 536,000.

Analysts are on board. Wells Fargo maintained an Overweight rating and jacked up its price target from $37.50 to $72 — a nearly 100% increase in their target, reflecting the new reality. The broader market was also having a good day, with the Nasdaq up 1.75% and the S&P 500 gaining 0.72%, but Agilon's move was all its own.

So Friday's dip looks like classic profit-taking. After a 100% rally, some traders are naturally locking in gains. But the underlying story — a company that's executing well and raising guidance — remains intact. For now, Agilon Health is a stock to watch.