Baird lowered the firm’s price target on Applied Therapeutics (APLT) to $5 from $14 and keeps an Outperform rating on the shaes. The firm lowered the target following the FDA’s Thanksgiving rejection in galactosemia, and lack of substantial detail around how the review went south. However, Baird believes a Subpart H approval in SORD deficiency requires far less agency flexibility than full approval in galactosemia and think a 2025 approval in this indication remains more likely than not.
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