Avadel’s stock falls 21% after disclosing new FDA request for experimental narcolepsy drug

Shares of Avadel Pharmaceuticals PLC
AVDL,
+133.64%
tumbled 21.6% in premarket trading on Thursday after the company said in a securities filing that the Food and Drug Administration requested additional information for its experimental narcolepsy drug. Avadel said it now expects to get a FDA decision on the drug, FT218, by June of next year. The company’s stock is down 58.1% this year, while the S&P 500
SPX,
+2.47%
has declined 16.5%.