Cidara Therapeutics Inc. shares fell 3% to $1.84 in late trading after it said the Food and Drug Administration approved Rezzayo, or rezafungin for injection.
The drug was approved for treatment of candidemia and invasive candidiasis in adults with limited or no alternative treatment options.
Cidara shares closed at 93 cents on Jan. 24 and ended the next day at $1.28 after an FDA advisory committee recommended approval.
The stock gained 12% on Tuesday. This week, the Centers for Disease Control and Prevention warned about an increase in cases of Candida auris, a rare and often deadly fungus.
Melinta Therapeutics LLC has the rights to commercialize Rezzayo in the U.S.