Agile Therapeutics Inc (AGRX)

[MRJFK67]

** "Twirla is moving forward," McCarthy says, noting the FDA update is not a rejection

** Although the drug was backed by a panel of independent experts last month, FDA said additional information submitted after the meeting is considered a major amendment to co's original application and would require additional time to review

** Maxim Group analyst Jason McCarthy calls hit to shares a "kneejerk reaction" from investors, adds additional information takes time to review and it is "not that uncommon" for the FDA to make such a request

** "In our view, the selloff is overdone and we would be AGRX buyers on the weakness," McCarthy says

** Up to Thursday's close, stock had more than quadrupled this year (Reporting by Tamara Mathias in Bengaluru)