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Align Technology, Inc. (NASDAQ:ALGN), the $9.6 billion medical devices company, disclosed that it will terminate the employment of Stuart Hockridge, Executive Vice President of Global Human Resources, effective May 2026. The company, whose stock is currently trading near its 52-week low, reported the decision on Friday in a filing with the Securities and Exchange Commission.
According to the filing, the termination is not for cause as defined in Mr. Hockridge’s employment agreement dated May 23, 2016. The company stated that any severance payments, other compensation, or benefits Mr. Hockridge may receive will be materially consistent with the terms of his employment agreement and the disclosures in the section entitled “Termination Unrelated to a Change of Control” in the company’s 2025 Proxy Statement, filed with the SEC on April 8, 2025.
Align Technology’s common stock is listed on the NASDAQ Global Select Market under the symbol ALGN. The information is based on a press release statement filed with the SEC.
In other recent news, Align Technology reported disappointing second-quarter results, missing sales expectations and subsequently lowering its full-year guidance. This development has drawn attention from several analyst firms. Stifel lowered its price target for Align Technology to $200 while maintaining a Buy rating, citing weakened case volume trends and poor conversion rates in June. Similarly, Mizuho reduced its price target from $245 to $210, despite keeping an Outperform rating, following weaker-than-expected June trends.
Morgan Stanley downgraded Align Technology from Overweight to Equalweight, significantly cutting its price target to $154 due to growth concerns and a reduction in guidance. These adjustments come after Align’s relatively positive investor day in May, which was followed by a shortfall in expectations. Meanwhile, Straumann, a competitor, experienced a notable drop in shares as Align’s weaker results cast a shadow over the industry. Despite these challenges, Align Technology plans to introduce new pricing strategies, aiming to offer a more comprehensive pricing menu with additional aligner options.
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