OYST - Why Oyster Point Pharma Stock Is Sinking Today
Shares of Oyster Point Pharma (NASDAQ: OYST) were sinking 9.2% as of 11:05 a.m. EDT on Tuesday. The decline came only a day after the company won U.S. Food and Drug Administration (FDA) approval for its Tirvaya nasal spray in treating dry-eye disease.
That FDA decision was definitely good news for Oyster Point. So why did the biotech stock drop today?
The approved label for Tirvaya didn't include eye dryness-score data from the company's clinical studies evaluating the nasal spray. This data was one of the conditions for Oyster Point to receive a second $50 million tranche from its credit facility with OrbiMed.
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Why Oyster Point Pharma Stock Is Sinking Today