Why iRhythm Technologies Is Trading Lower Today

iRhythm Technologies Inc IRTC is trading lower Wednesday morning after the company announced a leadership transition.

What Happened: Mike Coyle resigned from his position as president and CEO of iRhythm due to personal matters. 

CFO Douglas Devine will assume the role of interim CEO while the company searches for a permanent CEO.

“This was a difficult decision for me given the many growth opportunities I see for iRhythm and my confidence in the company. However, it was the right one for me personally. I am committed to supporting our team as we continue our work to ensure that the pricing for iRhythm’s Zio XT technology reflects the differentiated, measurable benefits it provides," said Coyle.

Analyst Assessment: Following the announcement, Citigroup downgraded iRhythm Technologies from Buy to Neutral and lowered the price target from $105 to $78.

Price Action: iRhythm has traded as high as $286.19 and as low as $70.35 over a 52-week period. 

At last check Wednesday, the stock was down 14.20% in premarket trading at $65.40.