Teva Stock Down 2% After FDA Fails To Approve New Drug

Teva Pharmaceutical Industries Ltd. shares slumped 2.3% in pre-market trade Tuesday after the company said the Food and Drug Administration declined to approve its Huntington disease treatment. The FDA asked the company to study blood levels of certain metabolites but did not request new clinical trials, Teva said. The company said it will submit its response to the CRL in the third quarter. The drug, SD-809, is intended for chorea associated Huntington disease, which currently has no treatment. It is also being studied for treatment of tardive dyskinesia and Tourette syndrome in ongoing clinical trials. Teva shares were down 7.1% in the last three months, compared with a 8.6% rise in the S&P 500 .