Applied Therapeutics Inc. (APLT) shares plummeted by 5.42% in the pre-market session on Monday, December 2, 2024, following a significant downgrade and price target cut by UBS analysts.
According to UBS, they have downgraded their rating on Applied Therapeutics from Buy to Neutral, citing concerns about the company's prospects. Along with the downgrade, UBS has also slashed their price target for the stock from $13 to just $2.
The steep downgrade and price target reduction by a prominent Wall Street firm like UBS appears to be the primary driver behind the sharp sell-off in Applied Therapeutics' shares on Monday morning.
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