BNGO - Why Bionano Genomics Stock Tanked Today
2023-08-14 18:17:22 ET
A big change in the C-suite was behind the steep fall in Bionano Genomics ' (NASDAQ: BNGO) share price on Monday. Following the biotech's announcement that its CFO is stepping down, investors traded out of the stock to the point where it closed the day more than 13% lower. So its fortunes diverged sharply from those of the S&P 500 index, which rose by almost 6%.
As the work week kicked off, Bionano announced that its current CFO, Christopher Stewart, would soon depart the company. Effective on Sept. 11, he will be replaced by Gülsen Kama. Stewart will stay on during the transition for an unspecified period of time before moving into an advisory role at the specialty healthcare company.
Bionano did not provide any reasons for Stewart's departure.
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Why Bionano Genomics Stock Tanked Today