Stock went down like a rock. Now the traders are pumping it up again. Company has been used like this for decades,: "Pump and dump" scheme. Now upswing means another contraction and layoff coming. Reorg by combining departments, for example preformulation and formulation, like some companies have done already. Same with analytical services.
Genentech is Roche.
Decisions are made in Switzerland and are executed in the US. Locals have not much to say. Genentech name is a cover to take the blame.
Another layoff was announced. This time 225 people.
CEO keeps busy to make a company an appealing target for M&A. We should worry when a next layoff might occur.
Goal is selling a skeleton.
There is too much unnecessary and nonproductive weight. For example, such departments like Technical Development should go. There is a lack of understanding there what technical development is and what it should do, and the company current plans may have it as a burden, rather than an asset in any M&A process.
Recent layoff pushed many productive people out, but mediocre and connected are still with the company, for example, those doing standard low level analytical procedures that could easily be outsourced. Worse, some newcomers used the reorganization to dismantle organization structures and bring their own cronies in. Those newcomers could not match the quality of people who were pushed out 2 years ago, since they were failures in their earlier careers for years doing marginal work in well known biotechnology companies, such like Amgen or Merck. They would never hire people better than themselves. A downward spiral.
This is a shady company. The management out of San Diego and the CEO are selling non-existent products (and so timelines are not real), other than the Cologuard. Investors please watch out.
Sad decline of Genentech
https://www.fiercebiotech.com/biotech/genentech-shut-down-cancer-immunology-department-amid-broader-downsizing-efforts?utm_medium=email&utm_source=nl&utm_campaign=LS-NL-FierceBiotech+Tracker
Amgen is ran by a bunch of blowhards that need to hear the loudest voice rather than anything of merit.
Anthony in leadership of CDNA has created an environment of that if you dont suck up, youll be ostracized and want to quit.
Running lean and I'm feeling burnt out. Meanwhile, there is no opportunity to expand outside of what I have been doing. I have been rejected twice for growth opportunities of interest within. Questioning maybe it's time for me to actively look for new employment.
