Categories Other Industries

MiMedx Group stock plunges to yearly low on CEO resignation

MiMedx Group (MDXG) stock plunged about 38% to a yearly low of $3.80 on Monday. The stock was battered by the refinement of the company’s leadership on the investigation of its own accounting. Also, Parker Petit has resigned as executive chief and Chairman, and William Taylor has stepped down as operating chief and president.

The independent investigation is ongoing and conducted by the Audit Committee. The company’s leadership and direction remained the main focus for the board of directors, which is looking to the future and preparing the company for its next chapter.

Petit will still remain as a director while Taylor is leaving the board. This followed the recent resignations of its finance chief and corporate controller and treasurer.

The company appointed David Coles as interim executive chief and Charles Evans as Chairman with immediate effect. The board of directors has started searching for a permanent CEO by identifying and evaluating internal and external candidates.

The Audit Committee suggested for the restatement of its prior financial statements for fiscal years 2012, 2013, 2014, 2015, and 2016, and interim periods within such years. MiMedx has withdrawn all previous forecast issued for 2018. In addition, the company continues to provide documents in response to the subpoena, which it received last year from the Securities and Exchange Commission.

Despite the stock touching a yearly low, most of the market analysts are recommending a “buy” rating with an average price target of $15.33. Looking ahead, for the next five years, analysts are expecting a 15% growth per annum.

Shares of the regenerative and therapeutic biologics developer plummeted 65% year-to-date and 71% in the past one year. The stock had been trading between $4.15 and $18.25 for the past 52 weeks.

Most Popular

Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO

Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training

INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues

Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came

Riding the AI wave, Nvidia looks set to stay on the high-growth path

After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top