Disc Medicine's stock plummeted 5.03% during intraday trading on Wednesday.
The sharp decline follows the company's disclosure that it received a Complete Response Letter from the U.S. Food and Drug Administration for its lead drug candidate, bitopertin. This regulatory action indicates the FDA is not approving the drug at this time.
Additionally, law firm Levi & Korsinsky has opened a securities investigation into Disc Medicine over potential federal securities law violations related to the company's disclosures about the FDA review process for bitopertin.