Acadia Healthcare (ACHC) shares experienced a sharp 8.41% plummet in Wednesday's trading session, following the release of the company's second-quarter earnings report and the announcement of a key executive departure.

The behavioral healthcare services provider reported Q2 adjusted earnings of $0.83 per diluted share, down from $0.91 a year earlier, despite beating analyst expectations. While revenue rose to $869.2 million from $796 million in the previous year, investors seemed to focus on the unexpected news that Chief Financial Officer Heather Dixon will be stepping down from her role, effective August 15, to pursue a chief operating officer position at another company.

Adding to the downward pressure, Jefferies cut its target price for Acadia Healthcare to $44 from $58, further shaking investor confidence. The combination of declining earnings, leadership changes, and lowered price targets appears to have triggered a significant sell-off in the stock, leading to the substantial intraday drop.