Why Invitae Stock Crashed Today
Shares of Invitae (NYSE: NVTA) were crashing 15.4% lower as of 3:16 p.m. ET on Tuesday. The steep decline came after the medical genetics company announced several developments on Monday that rattled investors.
Invitae revealed a shakeup in its executive ranks. CEO Sean George has stepped down. George has been replaced by Kenneth Knight, who is currently serving as the company's chief operating officer. Invitae is also bringing back former CEO and co-founder Randy Scott as the chairman of its board of directors. Current Chairman Eric Aguiar will remain on the board as the lead independent director.
The company also announced an operational realignment. These changes include workforce reductions, eliminating or placing on hold some products and initiatives, and exiting some international markets.
Source Fool.com
