Why Verrica Pharmaceuticals Stock Is Getting Pummeled Today
Shares of Verrica Pharmaceuticals (NASDAQ: VRCA), a clinical-stage biopharmaceutical company, are tumbling after the company disclosed a complete response letter for VP-102. Investors unhappy with the delay pushed the stock 23.4% lower this morning but the stock has recovered a little. As of 11:42 a.m. EDT on Tuesday, the stock was down 11.3% from yesterday's closing price.
Without any approved products to sell yet, Verrica Pharmaceuticals burned through $12.7 million in the second quarter alone. Investors were hoping sales of VP-102 would begin offsetting those losses.
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Source Fool.com
