Why Did Angion Biomedica's Shares tumble Premarket Today?

After flopping a test in COVID-19 earlier this year, Angion Biomedica Corp's ANGN lead candidate drug has hit a setback again, this time in kidney transplant patients.
Related: Angion Stock Falls As Lead Product Candidate Flunks In COVID-19 Trial
Angion and partner Vifor Pharma's ANG-3777 failed to beat placebo in terms of improving eGFR, a measure of kidney function, in patients who received a deceased donor kidney transplant and were at high risk of developing delayed graft function.
Patients treated with ANG-3777 posted an eGFR of 53.3mL/min/1.73m2 compared with 50.4mL/min/1.73m2 in patients dosed with placebo.
Additionally, ANG-377 posted "inconsistent" results on key secondary endpoints, leading the partners to conclude there's not much of a path forward here.
"We are disappointed in the outcome of this trial," Angion CEO Jay Venkatesan said. "While we saw signals of activity for ANG-3777, we hoped ANG-3777 would robustly demonstrate a benefit for transplant recipients who have no treatment options when their transplants have DGF. The totality of the DGF data, together with the CSA-AKI data expected later this year, will inform our clinical strategy for ANG-3777 going forward."
Price Action: ANGN stock is down 52.50% at $4.13 during the premarket session on the last check Wednesday.