NEW YORK (TheStreet) -- Shares of Bruker (BRKR) were falling 11.4% to $19.68 on heavy trading volume Thursday after the medical research instrument maker announced the resignation of CFO Charles F. Wagner, Jr.
Wagner will leave Bruker on June 12, 2015 and will take a similar role at Ortho-Clinical Diagnostics in late June. The company said Wagner's resignation is not the result of any dispute or disagreement with the company, or anything related to the company's accounting practices or financial statements.
Anthony L. Mattacchione, an executive officer and Bruker's Senior Vice President of Finance & Accounting, will serve as interim CFO as the company searches for a new CFO.
About 3.5 million shares of Bruker were traded by 10:41 a.m. Thursday, above the company's average trading volume of about 791,000 shares a day.
TheStreet Ratings team rates BRUKER CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate BRUKER CORP (BRKR) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and relatively poor performance when compared with the S&P 500 during the past year."