Endocyte, Inc. (NASDAQ:ECYT), a leader in developing targeted small molecule drug conjugates (SMDCs) and companion imaging agents for personalized therapy, today announced that Mike Sherman has been appointed president and chief executive officer of the Company and added to its board of directors, succeeding Ron Ellis, who has resigned effective immediately. Mr. Sherman has served as Endocyte’s chief financial officer since 2006 and undertook the additional role of chief operating officer in 2014.
“Mike is the ideal candidate to lead Endocyte as we continue to shape the Company and advance our pipeline. His steadily expanded role as a trusted and strategic leader within the company over the last decade has established him as the natural successor to Ron. We are confident that his appointment will ensure a seamless management transition, and that he will add significant value in his new role,” said John C. Aplin, Ph.D., chairman of the Endocyte board of directors. “We would like to thank Ron, as our founding CEO, for his many contributions to building Endocyte and his tireless efforts in positioning the company for future success. We are fortunate that he will play an ongoing consulting role for the company.”
“I am honored by the confidence the board has placed in me, and I am excited to help unlock the potential of the SMDC platform,” said Mr. Sherman. “With a clear path of development for our lead programs, EC1456 and EC1169, and the broad applicability of our technology, the next several years will be exciting for Endocyte. I look forward to leading the company, and bringing our medicines to patients.”
Prior to joining Endocyte in 2006, Mr. Sherman served in various executive roles, most recently as vice president of finance and strategic planning of Guidant Corporation, a cardiovascular device manufacturer acquired by Boston Scientific Corporation. He also serves on the Board of Directors at Mead Johnson Nutrition and holds a B.A. in economics fromDePauw University and an M.B.A. from the Tuck School of Business at Dartmouth. (Original Source)
Shares of Endocyte closed last Friday at $3.4, down $0.28 or -7.61%. ECYT has a 1-year high of $5.87 and a 1-year low of $2.65. The stock’s 50-day moving average is $3.70 and its 200-day moving average is $3.57.
On the ratings front, Endocyte has been the subject of a number of recent research reports. In a report issued on May 23, Credit Suisse analyst Kennen MacKay reiterated a Buy rating on ECYT, with a price target of $10, which represents a potential upside of 194.1% from where the stock is currently trading. Separately, on May 4, Cowen’s Boris Peaker reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kennen MacKay and Boris Peaker have a total average return of 1.9% and 8.8% respectively. MacKay has a success rate of 39.1% and is ranked #1564 out of 3974 analysts, while Peaker has a success rate of 42.9% and is ranked #353.
Endocyte, Inc. is a biopharmaceutical company, which develops targeted therapies for the treatment of cancer and inflammatory diseases. The company uses its proprietary technology to create novel small molecule drug conjugates and companion imaging diagnostics for personalized targeted therapies. Its small molecule drug conjugates are actively target receptors that are over-expressed on diseased cells.