- The stock price of Metacrine, Inc. (NASDAQ:MTCR) fell by over 17% during intraday trading today. This is why it happened.
The stock price of Metacrine, Inc. (NASDAQ:MTCR) – a clinical-stage biopharmaceutical company pioneering differentiated therapies for patients with gastrointestinal and liver diseases – fell by over 17% during intraday trading today. Investors are responding negatively to Metacrine announcing that Hubert C. Chen, M.D., chief medical officer, has resigned to pursue a new opportunity.
Dr. Chen’s resignation is effective December 31, 2021. And Preston Klassen, M.D., MHS, chief executive officer, is expected to assume responsibility for Metacrine’s ongoing clinical trials and future clinical operations.
“We appreciate Hubert’s significant contributions during the last three years as we moved our pipeline through several important milestones. Hubert has established a strong team in our R&D organization that will continue to serve us well as we focus our resources on moving our IBD program into the clinic. We wish Hubert success in his future endeavors.”
— Preston Klassen, M.D., MHS, CEO, Metacrine
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