Why Is Evotec (EVO) Stock Down 12% Today?

  • Evotec (EVO) stock is falling on Thursday after its CEO resigned.
  • The company announced a new interim CEO as a result.
  • It also brings with it heavy trading of EVO stock this morning.
EVO Stock - Why Is Evotec (EVO) Stock Down 12% Today?

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Evotec (NASDAQ:EVO) stock is falling on Thursday after the drug discovery and development partner announced the resignation of CEO Dr. Werner Lanthaler.

According to a press release from the company, Lanthaler’s departure is immediate and won’t see him finish his term as leader of the company. The exact reason for the resignation is unknown, but Evotec notes it was for personal reasons.

The Supervisory Board at Evotec has already accepted his resignation. The company has appointed Supervisory Board member and former Chief Operating Officer Dr. Mario Polywka as interim CEO.

While Lanthaler is leaving his CEO role, he isn’t completely cutting ties with Evotec just yet. The company notes that he will continue to offer strategic advice to its Supervisory Board.

How This Affects EVO Stock Today

News of Evotec’s CEO departing the company has the company’s stock seeing heavy trading today. As of this writing, more than 69,000 shares of EVO have changed hands. That’s well above its daily average trading volume of just 27,000 shares.

EVO stock is down 11.7% as of Thursday morning.

Traders looking for more of the latest stock market stories are going to want to stick around!

We have all of the hottest stock market news that investors need to know about on Thursday! That includes what’s happening with shares of Sellas Life Sciences (NASDAQ:SLS) stock, Omega Therapeutics (NASDAQ:OMGA) stock and Jeffs Brands (NASDAQ:JFBR) stock today. You can catch up on all of these topics at the following links!

More Stock Market News for Thursday

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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