Here's Why Humanigen Is Getting Hammered Today

Humanigen (NASDAQ: HGEN) stock is sinking after the clinical-stage biopharmaceutical company shared devastating news. The FDA has declined Humanigen's request for emergency use authorization of lenzilumab, sending the biotech stock 52.1% lower as of 11:38 a.m. EDT on Thursday.

As a pre-commercial company without any revenue yet, Humanigen had a lot riding on the potential authorization of lenzilumab to treat hospitalized COVID-19 patients. Following positive clinical trial results the company presented in May, a green light seemed more than reasonable.

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Source Fool.com