Jaguar Health (NASDAQ:JAGX) shares fell 64.16% to $12.35 on Wednesday, after trading at $14.21, down 59%, following a 1,190% Tuesday surge to a $34.46 close. The rally followed fiscal year 2027 FDA Prescription Drug User Fee Act waivers for Mytesi and Canalevia-CA1, while the company’s limited post-split share count amplified volatility. No verified Wednesday disclosure explained the decline, making profit-taking after the sharp advance the likeliest supported explanation. Jaguar reported a second-quarter net loss of $12.7 million and $1.2 million in net prescription product revenue, had more than $25 million in current liabilities, and indicated potential additional securities sales. The company is developing crofelemer for pediatric microvillus inclusion disease and plans a mid-2027 new drug application submission while seeking a development and commercialization partner. Viking Therapeutics also fell 4% after positive obesity-trial data, but the iShares Biotechnology ETF was down just 0.1%, pointing to company-specific moves rather than a broad sector selloff.