Benzinga | Oct 12, 2020 10:48AM EDT

Why Fortress Biotech's Stock Is Trading Lower Today

Fortress Biotech (NASDAQ:FBIO) shares are trading lower after a company it founded, Avenue Therapeutics, was told by the FDA that its New Drug Application for IV Tramadol cannot be approved in its present form.

"We believe that our extensive clinical database strongly supports the value of treatment with IV tramadol as an effective alternative to intravenous Schedule II conventional opioids. We firmly stand behind the safety data in our NDA and the ultimate approvability of IV tramadol," said Lucy Lu, MD, President and CEO of Avenue Therapeutics.

Fortress Biotech is involved in the business of acquiring, developing and commercializing pharmaceutical and biotechnology products.

Fortress Biotech was trading 20.66% lower at $3.30 at the time of publication. The stock has a 52-week low of $1.04 and a 52-week high $4.78.