The Nasdaq Biotechnology index rose 0.3%.
In company news, Aquestive Therapeutics (AQST) shed more than 29% after saying the US Food and Drug Administration has told the company it will not be able to issue a decision on the company's Libervant seizure medication by the Dec. 23 regulatory deadline. In its notice to the company, the FDA did not provide a timeline for completing its review, adding it likely will not need more data.
Acadia Pharmaceuticals (ACAD) fell almost 21% after saying it expects to resubmit a supplemental new drug application for its pimavanserin drug candidate early next year with a narrowed indication as a treatment of hallucinations and delusions associated with Alzheimer's disease. The new submission likely will include data from two studies expected to meet their primary endpoints, in addition to analyses addressing concerns raised by US regulators in a complete response letter to the company.
Aldeyra Therapeutics (ALDX) shares sank 21% after the company said its reproxalap drug candidate failed to meet its primary endpoint in a phase 3 trial for dry eye disease.
Among gainers, Aridis Pharmaceuticals (ARDS) was 11% higher, easing from a nearly 71% advance earlier Tuesday that followed the biopharmaceuticals company saying its AR-701 monoclonal antibody cocktail was "broadly reactive" against the omicron and other COVID-19 variants with "no loss in affinity as compared to the original Wuhan strain."
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