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 BIND Therapeutics (NASDAQ:BIND), a clinical-stage nanomedicine platform company, fell as much as 11% after announcing the departure of its chief medical officer, Greg Berk.
So what: According to BIND's press release, which came immediately after the closing bell yesterday, Berk will be leaving to "pursue another opportunity," but will continue serving as an adviser to the company until his departure. BIND notes that Edward Schnipper, who has previously served as an advisor for the company and its chief medical officer, will fill the position on an interim basis.
Now what: We don't have to read too far into investors' fears today. The loss of CMO Greg Berk in the middle of enrollments for its mid-stage study of its most advanced drug candidate, BIND-014, for the treatment of non-small-cell lung cancer and prostate cancer, has investors concerned that the company might somehow lose focus. I, personally, wouldn't be too concerned with today's untimely departure and would instead let the phase 2 data from these upcoming trials do the talking later this year.