July 3, 2012 / 3:46 PM / 6 years ago

Sourcefire shares fall after CEO takes medical leave

(Reuters) - Shares of Sourcefire Inc FIRE.O fell as much as 9 percent on Tuesday after the cyber security software maker said Chief Executive John Burris has taken medical leave of absence.

The company, which said on Monday that Burris is being treated for colon cancer, named founder and Chief Technology Officer Martin Roesch interim CEO.

“Although the leave of absence is clearly not a positive, we believe Sourcefire has an experienced bench that is more than capable of leading the company in Burris’ absence,” Stifel Nicolas said in a note to clients.

Stifel kept its “buy” rating and $64 price target on the stock.

Needham & Co analysts said CTO Martin is familiar to the investment community and it believes that he is actively involved in the operation of the company.

Needham maintained its “buy” rating and $65 price target on the stock.

Sourcefire’s stock has increased more than six times in value since Burris took over as the CEO in 2008.

Shares of the company were down 5 percent at $49.98 on Tuesday on the Nasdaq.

Reporting By Aurindom Mukherjee in Bangalore; Editing by Sriraj Kalluvila

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