Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of generic-drug maker Impax Laboratories (Nasdaq: IPXL ) are under the weather today, falling as much as 10%, following news that its chief financial officer is resigning.
So what: Impax announced before the bell this morning that Arthur Koch was resigning, although he will help with the transition. Impax also announced that Bryan Reasons, who is currently the vice president of finance, has been appointed as acting CFO while the company conducts its search for a permanent CFO.
Now what: Koch had served as CFO since 2005; it's never a good sign to see a high-ranking, long-tenured executive leave a company. However, it doesn't appear there are any red flags surrounding Koch's departure, so I wouldn't let today's news change your investment thesis on the company. Personally, I'd consider using today's move lower as a potential buying opportunity into Impax as its role in generics is only likely to expand.
Craving more input? Start by adding Impax Laboratories to your free and personalized watchlist so you can keep up on the latest news with the company.
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