Why Beyond Air Stock Is Tanking Today
Shares of the clinical-stage medical device and biopharmaceutical company Beyond Air (NASDAQ: XAIR) are down by a hefty 24.9% as of 11:13 a.m. ET Thursday morning. The healthcare company's stock is crashing today in response to a regulatory delay for its persistent pulmonary hypertension of the newborn (PPHN) treatment device known as LungFit.
Although management previously seemed confident that LungFit would get a green light from the Food and Drug Administration (FDA) before year's end, the company announced this morning that a commercial launch in the U.S. is unlikely prior to Dec. 31, 2021. Beyond Air said that this newly revised commercial launch forecast is based on its ongoing communications with the FDA.
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Source Fool.com