Eagle Pharmaceuticals Inc. shares plummeted 20.6% in heavy afternoon trade Wednesday on news that the company’s exertional heat stroke drug failed to receive Food and Drug Administration approval. The FDA asked for another clinical trial on the drug, the company said. Last year, the drug, Ryanodex, was given a priority review designation, which is intended for therapies that would significantly improve safety or effectiveness of a treatment. Eagle Pharma said it is reviewing its options and will evaluate the FDA’s response. Exertional heat stroke happens during physical activity due to organ tissues getting overheated, which can cause harm and even death. Eagle Pharma stock has plummeted 37.7% over the last three months to $55.95, compared with a 3.8% rise in the S&P 500 .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News