Shares of Amarin Corp.
AMRN,
rose dropped 5.5% toward a near three-month low in premarket trading Friday, after the biopharmaceutical company focused on therapies for cardiovascular health disclosed that Chief Executive Karim Mikhail has resigned, effective immediately, after about 19 months in the role. “Mr. Mikhail has asserted that he is entitled to severance payments as the result of his resignation, which the company disagrees with and intends to dispute,” Amarin said in a statement. The company said it was looking for a permanent replacement of Mikhail. The stock has plunged 73.3% since the end of August 2021, the month Mikail became CEO, while the iShares Biotechnology exchange-traded fund
IBB,
has tumbled 25.4% and the S&P 500
SPX,
has give up 10.0%.
