Penumbra (PEN) stock slides 5% after CEO flags manufacturing shift at JPM conference
Penumbra shares fell 5.2% to $302.70 Tuesday after CEO Adam Elsesser said the company will shift manufacturing from California. The stock touched a low of $290.42 before partially recovering. The move comes as investors weigh potential costs and disruptions. Penumbra’s market cap stood near $11.8 billion, below its 52-week high of $325.02.