Panbela Therapeutics (PBLA) Stock Is Down 25%: What's Going On?

Panbela Therapeutics Inc PBLA shares are trading lower by 25% to $1.18 Wednesday afternoon, pulling back following recent, marked strength.

The company on Monday announced FDA approval of eflornithine, a drug they divested to US WorldMeds, for treating high-risk neuroblastoma patients who responded partially to prior therapies.

What Happened?

Panbela received the FDA's first-ever approval for a polyamine targeted therapy in cancer, with potential earnings of $9.5 million based on USWM milestones. The approval highlights the importance of polyamines in cancer treatment, according to the company.

Executives said they are optimistic about its effects on treating neuroblastoma and its potential applications in studying other cancers.

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According to data from Benzinga Pro, PBLA has a 52-week high of $225.71 and a 52-week low of $0.45.