08.01.2021 18:49:00

Why Neoleukin Therapeutics Stock Is Down Today

Neoleukin Therapeutics (NASDAQ: NLTX), a clinical-stage biopharmaceutical company, is not ending the week on a positive note. Shares of the drugmaker are dropping sharply on Friday and are down by 10.9% as of 12:33 p.m. EST, after plunging by as much as 21.7% earlier today. The catalyst for these losses is the company's announcement that it has received a Clinical Hold Letter from the U.S. Food and Drug Administration (FDA) for its Investigational New Drug (IND) application for one of its pipeline candidates, NL-201.Before starting human clinical trials for their experimental medicines, drugmakers must submit an IND application and receive the FDA's green light. This process is costly, time-consuming, and rigorous, and it is something a company would rather do only once for a drug. If the IND application is not approved, the company will have to delay its clinical trials, which leads to additional costs. That is precisely what is happening to Neoleukin Therapeutics. Image source: Getty Images.Continue reading
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