ABUS - Why Arbutus Biopharma Stock Is Sinking Today
2023-04-25 11:50:13 ET
Shares of Arbutus Biopharma (NASDAQ: ABUS) were trading down by 12.6% as of 11:04 a.m. ET Tuesday. The decline came after the company announced that the Food and Drug Administration (FDA) had placed a clinical hold on its Investigational New Drug (IND) application for AB-101, its experimental chronic hepatitis B virus therapy.
It's unknown at this point exactly why the FDA placed the clinical hold on AB-101. The clinical-stage biopharmaceutical company said that the FDA indicated that it would send an official letter with more details within 30 days.
The company had hoped to advance the oral PD-L1 inhibitor into phase 1 clinical testing quickly enough to report initial data on it in the second half of 2023. Arbutus said it no longer expects to meet that timeline.
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Why Arbutus Biopharma Stock Is Sinking Today