Soligenix (NASDAQ:SNGX) stock is falling hard on Tuesday after the company’s HyBryte cancer drug was declined for review by the U.S. Food and Drug Administration (FDA).
The FDA is refusing to review an application for Soligenix’s drug treatment for a rare type of cancer. Apparently, the company’s application is not “sufficiently complete” for the FDA to facilitate a substantive review.
According to a press release, Soligenix is seeking guidance from the FDA following this rejection. The company wants to further advance HyBryte and needs the FDA’s help in learning what needs to be done next.
HyBryte is a drug in development to treat early-stage cutaneous T-cell lymphoma. This is a rare form of cancer that “begins in the white blood cells and attacks the skin.” The company filed a marketing application for the drug in December.
How SNGX Stock Is Reacting
Today’s review rejection brings with it heavy trading of SNGX stock. As of this writing, more than 427,000 shares have changed hands. That’s well above the company’s daily average trading volume of about 8,000 shares as investors sell the stock.
SNGX stock is down 27.2% as of Tuesday morning and down 41.4% since the start of the year.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! That includes why shares of Restaurant Brands (NYSE:QSR), Amesite (NASDAQ:AMST) and Tesla (NASDAQ:TSLA) stock are on the move today. You can learn more about these matters at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.