Why Humanigen Stock Is Sinking Today

Shares of Humanigen (NASDAQ: HGEN) were sinking 15.6% lower as of 11:36 a.m. EDT on Friday. The decline came after the clinical-stage biopharmaceutical company announced on Thursday that the U.S. Food and Drug Administration turned down Emergency Use Authorization for lenzilumab in treating newly hospitalized COVID-19 patients.

Humanigen filed for U.S. EUA of lenzilumab on May 28. This submission was based on positive results from a phase 3 study of the experimental drug. Lenzilumab achieved a 54% improvement in the likelihood of survival without ventilation compared to placebo. 

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Source Fool.com