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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.
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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.
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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.
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