BTIG downgraded Orthofix to Neutral from Buy and suspended the firm’s price target in reaction to the company having “surprised investors” with a sudden leadership change. Management of the company – including the CEO, CFO and general counsel – was terminated with cause and interim management highlighted that this was confined to personal matters and code of conduct and not specific to company financials, the analyst tells investors. However, the firm says it is “hard to separate the public-facing management that investors knew well and the potential impact to the business” and is moving to the sidelines in reaction to the updates announced today.
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Read More on OFIX:
- Orthofix (NASDAQ: OFIX) Plummets amid Leadership Changes
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