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NEW YORK (TheStreet) -- Kindred Biosciences  (KIN) - Get Kindred Biosciences, Inc. 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.

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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.

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