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Antares Pharma stock plunges more than 30% after FDA letter

Antares Pharma Inc. announced Thursday that the U.S. Food and Drug Administration had found deficiencies in the drug Xyosted (testosterone enanthate) during its review process, the company said in a statement. Shares plummeted more than 30% to $2.60 after hours. The FDA did not specify what the deficiencies are but did say that it would prevent moving forward with labeling and postmarketing requirements and commitments at this point. Antares submitted the Xyosted application in December 2016. Antares stock was up 60% this year, based on today’s closing price, with the S&P 500 index up 14.1%.

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