Celcuity falls as delayed launch of breast cancer drug overshadows first FDA approval
CELC•Launch timing disappoints investors
Celcuity 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 the session's move, CELC is down 9.7% year to date.
FDA approves Celcuity's first product
Shares of drug developer Celcuity CELC.O slide 20.3% to $88.48 after the U.S. FDA late on Tuesday approved the company's drug for an advanced form of breast cancer, making it Celcuity'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.
