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 MiMedx has withdrawn all previous forecast issued for 2018.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

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Tags

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