Why CTI BioPharma Stock Is Plunging Today

Shares of CTI BioPharma (NASDAQ: CTIC) had plunged 21.4% as of 12:23 p.m. ET on Wednesday. The steep decline came after the company announced that the U.S. Food and Drug Administration (FDA) extended the review period for an approval decision of pacritinib in treating myelofibrosis.

The FDA pushed back the review period for pacritinib by three months. As a result, the decision date for the agency under the Prescription Drug User Fee Act (PDUFA) is now Feb. 28, 2022.

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Source Fool.com