After Clinuvel’s (ASX:CUV) CEO, Dr. Philippe Wolgen, took time off back in March to respond to an “acute medical condition,” it wasn’t clear to anyone outside the boardroom what that actually meant.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The company develops a drug that boosts melanin production in patients with photosensitivity, meaning exposure to light ultimately harms them. (The company has a market cap of $500M; it’s also listed in Frankfurt and on the US OTC market, which may or may not give one an idea.)
At any rate: The company today confirmed that its CEO, Wolgen, is back on the job after taking some time off – but shares slid towards -2% in the first parleys of trade on Friday.
So why the sell-off?
It’s possibly because the reinstatement sounds a little like spin. While Wolgen is back, the company’s disclosure to the market on Friday – at the very last line – noted that board members will continue to handle management.
So Wolgen’s back, but he’s kind of not. That doesn’t scream certainty.
More market news
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
Tariffs not so scary: “Soft” U.S. inflation a good thing for Oz trade
This was likely enough to rattle some shareholders on Friday, who may or may not also be eyeing, in turn, the fact that Clinuvel’s one-year returns are down -30%; over half of that decline has been incurred since January.
It’s a far cry from the $40-a-share price Clinuvel offered in mid-late 2021. Nine months later, the share price would hit $15/sh.
CUV last traded at $9.96/sh using Cboe live pricing at 11am.
Join the discussion: See what HotCopper users are saying about Clinuvel Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please clickhere.