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.

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Source Fool.com