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Shares of CorMedix (NASDAQ: CRMD) were crashing 40.4% as of 12:23 p.m. EST on Monday. The steep decline came after the company announced that the Food and Drug Administration isn't approving CorMedix's Defencath, an antibacterial/antifungal catheter lock, for preventing blood infections associated with the use of catheters in hemodialysis.
Many investors were banking on Defencath receiving a thumbs-up from the FDA. The massive sell-off of the biotech stock today isn't a surprise considering the disappointing news.