Trevena Inc (NASDAQ: TRVN)
Trevena is having an incredibly rough day in the market today, which is surprising to many considering that the company released data showing that it met its primary endpoint in recent clinical studies. Below, we’ll talk about what we’re seeing from TRVN, why, and what we’ll be watching for ahead.
What We’re Seeing From TRVN
As mentioned above, Trevena is having a rough day in the market today. At the opening bell, the stock was already trading well into the red, even though it released information saying that primary endpoints were met. Nonetheless, the stock continues to trade on overwhelming losses. Currently (10:29), TRVN is trading at $4.88 per share after a loss of $2.25 per share (31.56%) thus far today.
Why The Stock Is Falling
As is always the case, our partners at Trade Ideas were the first to send us the alert about the losses on TRVN today. As soon as we received the alert, the CNA Finance team started digging to see exactly what was causing the movement. At first, we were surprised to find that the company released positive data from clinical studies today. However, from there, it didn’t take long to find the declines.
The dramatic decline in the stock is the result of notes by Adam Feuerstein. Feuerstein pointed out several concerns associated with the announcement. Most importantly, some of the doses of oliceridine demonstrated lower rates of depressed breathing verses morphine and the only statistically significant observation was found in the lowest dose. He also pointed out that the improved tolerability was not deemed to be statistically significant.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TRVN. In particular, we’ll be watching the coming NDA to the FDA, and we’re interested in seeing if what Feuerstein pointed out becomes a hurdle to the process. We’ll continue to keep a close eye on the news and bring it to you as it breaks!
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