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Here's Why BioMarin Pharmaceutical Plummeted Today

TheMotleyFool

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Here's Why BioMarin Pharmaceutical Plummeted Today

Shares of BioMarin Pharmaceutical (NASDAQ: BMRN) are down 35% at 1:41 p.m. EDT because the U.S. Food and Drug Administration issued a complete response letter for the biotech's hemophilia A gene therapy, valoctocogene roxaparvovec (valrox).

A complete response letter is the FDA's euphemism for a rejection letter. The review is complete, but the agency needs more information before it can approve the treatment.

In BioMarin's case, it seems the FDA moved the goalpost for approval.

Source Fool.com

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