Celcuity falls as delayed launch of breast cancer drug overshadows first FDA approval
BUZZ-Celcuity falls as delayed launch of breast cancer drug overshadows first FDA approval Updates
** Shares of drug developer Celcuity CELC.O slide 20.3% to $88.48
** The U.S. FDA late on Tuesday approved CELC's drug for an advanced form of breast cancer, making it the company's first product to gain market entry
** The drug, Revtorpyk, is for treating patients with advanced breast cancer whose tumors have low levels of a protein called HER2 and no mutation in a gene called PIK3CA
** CELC expects to begin marketing the drug in the third quarter
** "Approval was largely expected, but the company delayed the launch until late Q326, which we did not anticipate given prior commentary on launch readiness," Leerink Partners says
** "We expect shares to be volatile, especially following the announcement that a large shareholder sold positions" - Leerink
** Including session's move, CELC down 9.7% YTD
(Reporting by Kunal Das in Bengaluru)