Stock Alert: Y-mAbs Therapeutics Slips 7%

(RTTNews) - Shares of Y-mAbs Therapeutics Inc. (YMAB) further slipped 7% on Tuesday morning after plunging nearly 20% in extended trading Monday. The late-stage clinical biopharmaceutical company hit a roadblock after FDA refused to accept for review its investigational drug Omburtamab's Biologics License Application.

YMAB is currently trading at $38.64, down $3.06 or 7.34%, on the Nasdaq.

The company completed the submission of its Biologics License Application for Omburtamab, proposed for the treatment of pediatric patients with CNS/leptomeningeal metastasis from neuroblastoma in August this year.

However, upon preliminary review, the FDA wanted further details. The regulator refused to accept for review the Omburtamab BLA and issued a Refusal to File letter for Y-mAbs Therapeutics.

The company now targets to resubmit an amended BLA before the end of 2020.