Why Tricida's Stock Is Trading Lower Today

Tricida (NASDAQ: TCDA) shares are trading lower on Monday after the company received a Complete Response Letter from the FDA for its New Drug Application for Veverimer.

Tricida is a late-stage pharmaceutical company. It is focused on the development and commercialization of its drug candidate, veverimer (TRC101), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis by binding and removing acid from the gastrointestinal, or GI, tract. The primary area of focus is to slow the progression of chronic kidney disease through the treatment of metabolic acidosis.

Tricida shares were trading down 23.56% at $10.12 on Monday during the time of publication. The stock has a 52-week high of $44.30 and a 52-week low of $9.56.