Benzinga | Apr 12, 2021 07:40AM EDT

Why Qualigen Stock Is Trading Lower Today?

* Qualigen Therapeutics Inc (NASDAQ: QLGN) shares are ticking lower as the company withdrew the FDA Emergency Use Authorization (EUA) application for its FastPack SARS-CoV-2 IgG diagnostic test for COVID-19 antibodies.

* According to the SEC filing, the EUA was submitted in June last year, and now the company believes it is no longer viable to launch the test.

* During the nine months during which the emergency application was with the FDA, alternative tests and testing practices have taken hold, triggering the withdrawal.

* Price Action: QLGN shares are trading 16.9% lower at $2.16 in the premarket session on the last check Monday.