Why Veru Stock Was Losing One-Third of Its Value This Week
The stock of Veru (NASDAQ: VERU) did not have a good week. As of midafternoon Friday, the share price was down by more than 35% week to date, according to data compiled by S&P Global Market Intelligence. It seems the company's experimental COVID-19 drug has a dim future at best, and that's driving investors away.
Veru and its shareholders had high hopes for sabizabulin, an orally administered COVID treatment. These hopes were diminished greatly on Wednesday, when a Food and Drug Administration (FDA) advisory committee essentially voted against recommending that the regulator approve the drug. It wasn't a tight vote, either, with eight against and five in favor.
Sabizabulin was submitted by the biotech in June for Emergency Use Authorization (EUA), a fast-track process used to meet clinical needs for pressing health issues.
Source Fool.com
