PolyNovo shares jump as JPMorgan lifts stake
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The news: Medical devices manufacturer PolyNovo was the best performing ASX 200 company in early trading after JPMorgan Chase increased its stake in the company.
The numbers: PolyNovo shares were up 4.7% to $1.23 at 11am AEDT.
Investment bank JPMorgan has raised its voting power in the company from 5.25% to 6.3%, according to an ASX filing.
The context: PolyNovo shares have dropped by around 40% since the turn of the year, as the company has grappled with governance concerns and bullying allegations aimed at its chair David Williams. On Tuesday, the PolyNovo's share price plunged 7.6% after it was confirmed that CEO Swami Raote would step down from his role immediately.
The source: ASX
