Why Veru Stock Is Cratering Today
Shares of the small-cap biopharma Veru (NASDAQ: VERU) are under heavy pressure today. The drugmaker's shares are down by a noteworthy 52% on sky-high volume as of 11:56 a.m. ET Thursday morning.
Veru's shares are taking a big haircut this morning in response to a negative advisory committee vote for the experimental COVID-19 drug sabizabulin. The medication is an orally administered therapy under review by the Food and Drug Administration (FDA) as a treatment for moderate to severe COVID-19 in patients who are at high risk for acute respiratory distress syndrome.
Veru was hoping to get this oral COVID therapy approved via the FDA's Emergency Use Authorization (EUA) mechanism. This 8-to-5 vote by the agency's advisory committee against approving sabizabulin under the EUA pathway might put a damper on these plans, however.
Source Fool.com
