Why Kala Pharmaceuticals Stock Sank Today

Keith Speights, The Motley Fool
·2 min read
Why Kala Pharmaceuticals Stock Sank Today
Why Kala Pharmaceuticals Stock Sank Today

Shares of Kala Pharmaceuticals (NASDAQ: KALA) were sinking 17.4% as of 3:30 p.m. EDT on Tuesday. The big drop came after the drugmaker announced FDA approval of Eysuvis for the short-term treatment of dry eye disease. Aren't biotech stocks supposed to go up when they win FDA approval for a drug?