Concordia International Corp (NASDAQ:CXRX) announced that Mark L. Thompsonwill step down as Chief Executive Officer of the Company following the appointment of a successor.
“Mark was our founder and successfully built Concordia into an international specialty pharmaceutical company. Under his leadership, Concordia today has a robust product pipeline and a platform that reaches patients in over 100 countries. He and the Board agreed that this would be the ideal time for a leadership change at the Company and the Board thanks him for his significant contribution over the years,” said Jordan Kupinsky, Lead Independent Director.
A search process for a new CEO is underway.
“This is an important juncture for Concordia,” continued Mr. Kupinsky. “We recently closed a very successful US$350 million debt offering and completed a strategic review of the business. With a portfolio of more than 200 products, a platform for continued international expansion, a strong commercial footprint and opportunities for organic growth, we look forward to building on our past successes.”
Mr. Thompson will also step down from the Board of Directors, where he serves as Chairman, when a successor has been appointed. (Original Source)
Shares of Concordia Healthcare are up nearly 13% to $4.49 in late trading Friday. CXRX has a 1-year high of $44 and a 1-year low of $3.43. The stock’s 50-day moving average is $5.41 and its 200-day moving average is $17.94.
On the ratings front, Concordia has been the subject of a number of recent research reports. In a report issued on October 4, Canaccord analyst Neil Maruoka reiterated a Buy rating on CXRX, with a price target of $10.00, which represents a potential upside of 149% from where the stock is currently trading. Separately, on September 27, Goldman Sachs’ Stephan Stewart maintained a Hold rating on the stock and has a price target of $4.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Neil Maruoka and Stephan Stewart have a total average loss of 40.6% and 4.3% respectively. Maruoka has a success rate of 14% and is ranked #4060 out of 4183 analysts, while Stewart has a success rate of 67% and is ranked #2883.
Concordia International Corp. develops pharmaceutical products and medical devices. The company is an integrated, specialty healthcare company that focuses on legacy pharmaceutical products, orphan drugs and medical devices for the diabetic population.