Here's Why Tricida Is Tanking 38.5% Today

Shares of Tricida, Inc. (NASDAQ: TCDA) are tumbling 38.5% at 1:45 p.m. EDT on Thursday after the pharmaceutical company disclosed the Food and Drug Administration (FDA) has found deficiencies in its application for approval of veverimer. Designed to bind to and remove excess acid in chronic kidney disease patients, veverimer is being evaluated by the FDA for approval under the regulator's Accelerated Approval Program. Unfortunately, management says the FDA has alerted it to deficiencies relating to its application for approval, calling into question if an FDA decision will be issued as expected on Aug. 22.