On May 18, the company disclosed that its lead drug candidate, EBI-005, failed a Phase 3 study to treat dry eye disease.

Although this slump was obviously disappointing, the clinical-stage biopharmaceutical company has seen 1 positive revision and its current year loss consensus has narrowed over the past few weeks. So make sure to keep an eye on this stock going forward to see if yesterday’s price decline is confirmed by more weakness, or if it can rebound in the weeks ahead.