The Fortress Biotech (NASDAQ:FBIO) stock has started the week off on the wrong foot and has declined by as much as 14% so far this morning.
The decline in the stock came about after the company’s unit Avenue Therapeutics Inc announced that it got a second response letter from the United States Food and Drug Administration with regards to its New Drug Application for the product IV Tramadol. The contents of the response letter seem to have spooked the market somewhat and have led to the decline in the Fortress stock.
In the response letter, the FDA stated that the product does not support the benefits with regards to acute pain that is related to sudden onset of analgesia. Additionally, it was pointed out that the information furnished by the company does not support the possibility of IV Tramadol being effective even when it is used in combination with other medicines.
Technical Indicators
| Symbol | Value | Result | Symbol | Value | Result |
| ADX | 14.2342 | Neutral | ATR14 | 0.2378 | |
| CCI20 | 198.1432 | Buy | Chaikin Money Flow | 0.0300 | Neutral |
| MACD | 0.0878 | Buy | Money Flow Index | 73.3480 | Buy |
| ROC | 22.6776 | Buy | RSI | 65.5817 | Buy |
| STOCH (14,3) | 100.0000 | OverBought | STOCH RSI | 1.0000 | OverBought |
| UO | 56.7082 | Buy | Williams %R | 0.0000 | OverBought |
Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 4.2233 | 4.2767 | 4.3833 | 4.4367 | 4.5433 | 4.5967 | 4.7033 |
| Fibonacci | 4.2767 | 4.3378 | 4.3755 | 4.4367 | 4.4978 | 4.5355 | 4.5967 |
 Stock Slips 14%: Is A Bounce Coming?){kind=link}