Why DBV Technologies Stock Is Down Sharply on Tuesday

Shares of DBV Technologies (NASDAQ: DBVT), a clinical-stage biopharmaceutical company, took a sharp turn for the worse today. Investors reacting to disappointing news about the development of Viaskin Peanut, its treatment for those with peanut allergies, pushed the stock 37.8% lower as of 11:16 a.m. ET on Tuesday.

DBV Technologies stock is tanking today because the company told investors that it would have to run another large and expensive phase 3 trial before its lead candidate, the Viaskin Peanut patch, has a chance of approval from the Food and Drug Administration (FDA). The company also withdrew a pending application in front of the European Medicines Agency for the same reason.

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Source Fool.com