Why Fortress Biotech Stock Is Sinking Today
Shares of Fortress Biotech (NASDAQ: FBIO) were sinking 12.9% as of 12:20 p.m. EDT on Monday. The decline came after the company announced that it received a second Complete Response Letter (CRL) from the U.S. Food and Drug Administration for its regulatory submission seeking approval of intravenous tramadol in treating acute pain.
A thumbs-down from the FDA is never good news for a small biotech stock. It's especially concerning when the agency turns down a drug twice.
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Source Fool.com
