Shares of biotech company Amarin (NASDAQ:AMRN), already down more than 70% in the last month, fell another 13% after it announced that the FDA has rescinded its SPA (Special Protocol Assessment) for Vascepa. The fledgling biotech not only faces competition from heavyweights like GlaxoSmithKline (NYSE:GSK) and AbbVie (NYSE:ABBV), but has now also lost the opportunity to gain expanded approval for its drug, limiting its market potential.
For the full scoop on this story, health-care analyst Max Macaluso discusses the details and the outlook for Amarin in the following video.
Alison Southwick, Max Macaluso, Ph.D., and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.