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Author Bio Keith began writing for the Fool in 2012 and focuses primarily on healthcare investing topics. His background includes serving in management and consulting for the healthcare technology, health insurance, medical device, and pharmacy benefits management industries. Follow @keithspeights What happened Shares of Fortress Biotech (NASDAQ:FBIO) were sinking 12.9% as of 12:20 p.m. EDT on Monday. The decline came after the company announced that it received a second Complete Response Letter (CRL) from the U.S. Food and Drug Administration for its regulatory submission seeking approval of intravenous tramadol in treating acute pain. So what A thumbs-down from the FDA is never good news for a small biotech stock. It s especially concerning when the agency turns down a drug twice.