Compass Therapeutics shares fell 29.40% to $1.28 on Tuesday after the FDA told the company it should conduct a new trial showing that patients live longer before filing a biologics license application (BLA) for tovecimig in biliary tract cancer. The feedback erased roughly $104 million in market value and triggered two Wall Street downgrades. Compass said it does not believe another trial is warranted. In the Phase 2/3 COMPANION-002 study, tovecimig plus paclitaxel improved objective response rate and progression-free survival compared with paclitaxel alone, while overall-survival results were not statistically significant because of substantial crossover and prolonged survival among control-arm patients who later received tovecimig. The stock reached a new 52-week low and remained well below its 20-day, 50-day and 200-day simple moving averages, with bearish momentum indicators and a prior death cross adding technical pressure.