Nanosphere faces "period in purgatory" after "long-overdue" CEO change
This article was originally published in Clinica
Molecular diagnostics company Nanosphere has appointed Michael McGarrity CEO, replacing William Moffitt, in a personnel overhaul that has also seen four board members resign. The changes were "necessary and long overdue" after a "track record littered with numerous operational disappointments", according to Jefferies analyst Jon Wood, who added that the "changes may very well be the perfect antidote to perennial under-performance". Even so, the firm's share "may see a period in purgatory" as "new leadership faces an uphill battle to re-gain investor trust", wrote the analyst. Nanosphere's shares are currently trading at around $2.64 on Nasdaq.