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Why Vericel Tumbled by Nearly 15% on Tuesday

TheMotleyFool

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Tuesday was not a good day to be a Vericel (NASDAQ: VCEL) investor. Discouraging news from a top regulator put investors in sell-off mode, with the stock falling by 14.8% on the day.

In what must have been a painful admission, Vericel announced Tuesday morning that the biotech's development partner MediWound received what amounts to a rejection letter from the FDA. Formally speaking, this was a complete response letter from the regulator, in which it said it could not approve the biologics license application (BLA) for the two companies' NexoBrid in the BLA's current form.

Image source: Getty Images.

Source Fool.com

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