Why Applied Therapeutics Stock Is Sliding Today
Shares of Applied Therapeutics (NASDAQ: APLT), a clinical-stage biopharmaceutical company, are sliding today in response to upsetting news regarding its lead candidate. It turns out the Food and Drug Administration (FDA) wasn't on board with accelerated approval of AT-007 based on positive biomarker data. The stock was down by 32% as of 12:04 p.m. ET on Monday.
AT-007 is an experimental treatment that inhibits aldose reductase in an attempt to treat multiple metabolic disorders. In September, Applied Therapeutics announced successful early biomarker results from a clinical trial with 47 pediatric galactosemia patients. Patients with galactosemia suffer from a buildup of galactitol. After 30 days of treatment, patients randomized to receive AT-007 had significantly less galactitol in their blood samples.
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Source Fool.com
