Wall Street shares closed lower Tuesday, and following the theme after the bell was Celgene Corp (NASDAQ:CELG), which lost over 7% to US$88.71.
The biotech drugmaker said the key FDA (Food and Drug Administration) had rejected a drug marketing application for ozanimod, its experimental drug for MS.
When it rains it pours. $CELG https://t.co/NaNuWTvj77
— Brad Loncar (@bradloncar) 27 February 2018
The FDA cited insufficient information about the drug's pharmacology but the firm remains confident in ozanimod's clinical profile and will provide additional information.
Going higher in extended hours, however, was e-commerce vintage supplies site Etsy Inc (NASDAQ:ETSY), whose shares rallied nearly 17% to US$24.59.
The group reported EPS (earnings per share) and revenues, which beat Wall Street expectations.
Meanwhile, Axon Enterprise Inc (NASDAQ:AAXN) gained over 15% after the bell as the tech and weapons product producer reported EPS (earnings per share) and revenues that cheered Wall Street.
Last but not least, Papa John's International Inc (NASDAQ:PZZA) saw shares plunge 7.59% to US$52.08 as the restaurant franchise reported EPS and revenues had both failed to meet expectations.
The group's founder John Schannter stepped down as chief executive in December after blaming the NFL for poor results and finance chief Lance Tucker left in January to go to Jack in the Box.