Why Is Tricida (TCDA) Stock Down 90% Today?
Tricida (NASDAQ:TCDA) stock is falling on Monday following the release of poor results from a Phase 3 clinical trial.
That trial covers the use of veverimer to treat patients suffering from metabolic acidosis and chronic kidney disease (CKD). The main goal of the trial was slowing CKD but it didn’t meet the requirements of its primary endpoint.
Just how bad were the results? Of the 2,198 patients in the study, 149 patients taking veverimer reached the primary endpoint. To put that in comparison, 148 patients from the placebo group also met the primary endpoint.
Plans for the Future
Gerrit Klaerner, Ph.D., CEO of Tricida, said the following about the company’s plans.
“Given our past clinical experience with veverimer, and the VALOR-CKD trial design, we were surprised that there was not a greater separation in serum bicarbonate levels between the two groups. In light of the disappointing results from the trial, and our cash runway, we are evaluating next steps.”
Investors aren’t reacting positively to today’s news with some 55 million shares on the move today. This comes as traders sell off shares amid the poor data. For comparison, the company’s daily average trading volume is about 881,000 shares.
TCDA stock is down 94.4% as of Monday morning.
Investors looking for more of the latest stock market news are in luck!
We’ve got all of the hottest stock news traders need to know about on Monday! Among that is what has shares of Vaxcyte (NASDAQ:PCVX), Mullen Automotive (NASDAQ:MULN), and Chinese stocks falling today. You can find out all about these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.