Cempra Inc CEMP shares are trading lower by $8.30 (44 percent) at $10.35 in Wednesday's session. The FDA has raised liver safety issues in its review of NOV 2, the company's experimental drug to treat community acquired pneumonia.
Last Friday, the issue fell from $23.44 to $18.50 over concerns in its 10-Q relating to other scrutiny from the FDA concerning another drug in the pipeline.
After a lower open, it rallied a dollar to $12.75 before resuming its decline. It has continued to make news for the session with the current one standing at $9.75. That low comes in just above its September 2014 low of $9.61.
Today's price action is taking place on much heavier than average volume. With just under six hours remaining, 4.2 million shares have already traded compared to its 20-day average of 1.2 million.
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