Why Iterum (ITRM) Stock Is Plunging Today?

Iterum Therapeutics plc ITRM shares dropped after the company in an SEC filing disclosed that the FDA needs additional time to review its sulopenem application.
The application seeks approval for sulopenem etzadroxil/probenecid for uncomplicated urinary tract infection.
Hence, FDA Antimicrobial Drugs Advisory Committee June 2 meeting has been postponed.
The new date for the Panel review of the company’s application is not confirmed, and the company continues to work closely with the FDA to facilitate its review.
Price Action: ITRM shares are down 17.7% at $1.325 in market trading hours on the last check Friday.