Why Kala Pharmaceuticals Stock Sank Today
Shares of Kala Pharmaceuticals (NASDAQ: KALA) were sinking 17.4% as of 3:30 p.m. EDT on Tuesday. The big drop came after the drugmaker announced FDA approval of Eysuvis for the short-term treatment of dry eye disease.
Aren't biotech stocks supposed to go up when they win FDA approval for a drug? That's what usually happens, but not this time.
Image source: Getty Images.
Source Fool.com
