Oct. 17 at 2:00 PM
Avita Medical Ltd's stock fell 21.9% pre-market on Friday following an immediate leadership change and board restructuring. The company named Cary Vance as interim CEO, replacing Jim Corbett, who also stepped down from the board. Vance will remain as Chairman and Jan Stern Reed was appointed Lead Independent Director. Avita plans to hire an executive search firm to find a permanent CEO, considering both internal and external candidates. BTIG analyst Ryan Zimmerman, who maintains a Sell rating and a
$3.00 price target, commented that the leadership changes might bring temporary instability to the company.
$RCEL