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BUZZ-Applied Therapeutics falls over 70% as FDA rejects genetic disease drug

Reuters
2024/11/29
BUZZ-Applied <a href="https://laohu8.com/S/LENZ">Therapeutics</a> falls over 70% as FDA rejects genetic disease drug

Updates

** Applied Therapeutics' APLT.O shares fall 72.1% to $2.39, set for a record single-day drop

** The U.S. FDA on Wednesday declined to approve APLT's drug to treat galactosemia, a rare genetic metabolic disease

** The FDA's letter cited "deficiencies in the clinical application" for the drug, called govorestat, APLT says

** Brokerage William Blair says the letter was "unexpected and disappointing" but believes it does not increase the regulatory risk for govorestat's approval for SORD deficiency, another rare genetic metabolic condition

** Including session's losses, stock down 28.4% YTD

(Reporting by Kamal Choudhury)

((Kamal.Choudhury@thomsonreuters.com;))

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