Why Novocure Stock Is Sliding Today
Shares of Novocure (NASDAQ: NVCR) were trading 8.3% lower as of 10:55 a.m. ET on Thursday after the company announced organizational changes that were made, in its words, to "prepare for future growth."
Novocure said in a press release that Pritesh Shah, currently the chief commercial officer, will move into the new role of chief growth officer. Chief Medical Officer Ely Benaim is leaving the company. Uri Weinberg will move from chief science officer to a new role as chief innovation officer. Moshe Giladi, who currently serves as senior vice president of preclinical research, will take Weinberg's place as chief scientific officer.
Why would the healthcare stock fall so much on these organizational changes? Benaim's exit as chief medical officer could cause the most questions. The press release stated that his departure followed "a review of Novocure's future needs." Senior Vice President and Head of Global Medical Affairs Piet Hinoul will serve as interim head of medical as Novocure conducts a search for a new chief medical officer.
Source Fool.com
