Tricida (TCDA) stock has fallen 92.5% in pre-market trading on news of its Phase 3 trial. The pharma company reported that its kidney disease candidate, veverimer, did not meet its main goals for treatment. Previously, this drug had held a lot of hope, and TCDA stock held a Smart Score of “Perfect 10,” meaning it was likely to outperform the market.
Tricida had garnered two analyst ratings in the past three months, for an analyst consensus of Moderate Buy. TCDA stock’s average analyst price forecast of $19.00 implies a 74.6% upside.
The company’s management has said that Tricida has to evaluate its next steps, but it’s questionable whether the company can recover from this hit.
