It looks set to be a day to forget for shareholders of one ASX All Ords stock.
That's because in early trade, its shares are down a whopping 29% to 86.5 cents.
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Which ASX All Ords stock is crashing?
The stock taking a major hit today is PYC Therapeutics Ltd (ASX: PYC).
It is a clinical-stage biotechnology company that is aiming to create a new generation of RNA therapies to change the lives of patients with genetic diseases.
The ASX All Ords stock notes that it utilises its proprietary drug delivery platform to enhance the potency of precision medicines within the rapidly growing and commercially proven RNA therapeutic class.
Its drug development programs target monogenic diseases, which are the indications with the highest likelihood of success in clinical development.
What's happening today?
Investors have been rushing to the exits after the ASX All Ords stock made a shock announcement which revealed that its CEO and executive director, Dr Rohan Hockings, has resigned.
According to the release, Dr Hockings has given two months' notice and is currently expected that he will leave the company by 16 November 2025. No reason has been given for the sudden exit.
PYC has moved quick to announce the appointment of chairman Alan Tribe as its managing director.
It notes that since joining the company's board in 2018, Mr Tribe has brought his extensive corporate and commercial experience and has worked closely with executive management. As a result, he is well versed in the company's operations.
In addition, it highlights that there will be no changes to his current terms of engagement or remuneration. However, he will now be based in the company's Perth office on a full time basis.
But this will only be a temporary fix and the ASX All Ords stock will shortly commence the search for a permanent managing director.
And while the market appears concerned that this change could derail its progress, PYC advised that "Alan Tribe has met with the executive and leadership teams across the four clinical programmes to ensure that each drug development programme remains on track and is progressing in line with expectations, timelines and budgets."
Commenting on the change, Mr Tribe said:
I would like to thank Rohan for his significant contributions to the Company and wish him well in the future. There will now be a robust search to select a successor who can lead the future growth and development of the Company for its Shareholders.
