Why Is Qualigen Stock Trading Lower Today?

Qualigen Therapeutics Inc QLGN shares are ticking lower as the company withdrew the FDA Emergency Use Authorization (EUA) application for its FastPack SARS-CoV-2 IgG diagnostic test for COVID-19 antibodies.
According to the SEC filing, the EUA was submitted in June last year, and now the company believes it is no longer viable to launch the test.
During the nine months during which the emergency application was with the FDA, alternative tests and testing practices have taken hold, triggering the withdrawal.
Price Action: QLGN shares are trading 16.9% lower at $2.16 in the premarket session on the last check Monday.