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.
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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.
