RBC Capital analyst Brian Abrahams lowered the firm’s price target on Applied Therapeutics (APLT) to $1.50 from $4 and keeps a Sector Perform rating on the shares. The content of the FDA’s recent Warning Letter raises additional questions about data integrity and increases overall risk to the company’s govorestat development path across indications, the analyst tells investors in a research note. While there have been some signals of activity for the drug and FDA has pushed for greater flexibility around rare disease approvals, with this added layer of uncertainty, Applied Therapeutics shares may trade more in-line near term, the firm adds.
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