Why Verastem Stock Sank Today
Shares of Verastem (NASDAQ: VSTM) sank Wednesday, trading down by 10% as of 2:30 p.m. EST after the company announced that Chief Medical Officer Dr. Frank Neumann is departing. He has decided to accept a position at an unspecified company.
The surprise news comes just two weeks after Neumann joined Verastem from Bluebird Bio, where he had served as head of oncology clinical research. The stock had been trending higher since that announcement, as investors viewed his hiring optimistically. Neumann, an industry veteran, was expected to be instrumental in Verastem's development of VS-6766 and defactinib, a pair of oral small-molecule inhibitors that are currently undergoing clinical trials as potential cancer treatments.
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Source Fool.com
