Shares of Panbela Therapeutics Inc. (PBLA) dropped 21.7% in premarket trading, as they paused after a two-day "meme"-like rally of 243.5%. The two-day rally in the biopharmaceutical company's stock, which followed a record-low close of 45.7 cents on Friday, was fueled by positive news from the U.S. Food and Drug Administration regarding a treatment for child cancer. The FDA had approved US WorldMeds' new drug application for the use of eflornithine as a therapy for high-risk patients with neuroblastoma, which contributes to nearly 15% of pediatric cancer deaths. Panbela said that approval is a "prerequisite for considerable development milestone payments" to the company. Despite the big two-day rally, the stock was still down 98.2% year to date.
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