Why Protagonist Therapeutics Stock Plunged Today
Shares of Protagonist Therapeutics (NASDAQ: PTGX) were plunging 26.3% as of 3:39 p.m. EDT on Monday. The big decline came after the company announced that the U.S. Food and Drug Administration has placed a clinical hold on studies evaluating rusfertide.
The FDA's clinical hold resulted from Protagonist finding both benign and malignant skin tumors in mice in a preclinical study of rusfertide. Protagonist was testing the drug in a phase 2 study targeting treatment of polycythemia vera and other blood disorders.
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Source Fool.com