TCDA - Tricida crashes 94% after late-stage data for kidney disease candidate

• Tricida, Inc. ( NASDAQ: TCDA ) lost ~94% pre-market Monday after the South San Francisco, California-based pharma company said that its Phase 3 trial for kidney disease candidate veverimer did not meet the main goal.
• The VALOR-CKD trial evaluated oral therapy in patients with chronic kidney disease (CKD) and metabolic acidosis.
• According to the topline data, the study did not meet its primary endpoint based on the time to start any event in the composite endpoint, namely renal death, end-stage renal disease (ESRD), or a decline of 40% or more in the glomerular filtration rate (DD40).
• In the wake of the trial setback and given the company’s cash runway, “we are evaluating next steps,” Chief Executive Gerrit Klaerner remarked.

• Wall Street has remained bullish on Tricida ( TCDA ) stock, with an average rating of Buy from analysts in line with Seeking Alpha Author ratings. However, Seeking Alpha's quant system, which consistently beats the market, rated TCDA as a Hold.

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