Applied Therapeutics (APLT) PT Lowered to $5 at Baird

Baird analyst Brian Skorney lowered the price target on Applied Therapeutics (NASDAQ: APLT) to $5.00 (from $14.00) while maintaining a Outperform rating.

The analyst commented: "Lowering price target to $5 on FDA rejection. Credibility damage will be tough to bounce back from following the FDA's Thanksgiving rejection in galactosemia, and lack of substantial detail around how the review went south. This is especially true going into another round of discussions with the agency and potential NDA review in SORD deficiency. However, we believe 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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