NEW YORK (TheStreet) -- Kindred Biosciences  (KIN) - Get Report plummeted Thursday after the company announced one of its three lead drug candidates failed to reach its goal in a trial.

CereKin, a treatment for canine osteoarthritis, did not meet its mark to control pain and inflammation. Kindred attributed the results mostly to "higher-than-expected placebo response rate and statistical variability," according to a statement.

The study cost $4 million, which leaves the company with approximately $100 million. Kindred's other two lead drugs candidates, AtoKin (which treats canine dermatitis) and SentiKin (which treats postoperative canine pain) are also in crucial studies and could hit the market next year if they are successful in those trials.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The stock was down 26.25% to $10.48 at 1:07 p.m. More than 1.6 million shares had changed hands, which eclipsed the average volume of 95,573.

Image placeholder title

KIN

data by

YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.