Applied Therapeutics Inc. (APLT) plummeted 71.76% in pre-market trading on Friday, following a downgrade and significant price target cut from analyst firm RBC Capital Markets.
RBC downgraded its rating on APLT from "Outperform" to "Sector Perform" and slashed its price target from $12 to $4, reflecting a bearish outlook on the biopharmaceutical company's prospects.
Applied Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel treatments for rare and serious diseases. While no specific rationale was provided for the downgrade, analyst actions can significantly impact investor sentiment and trigger sharp stock price movements, as seen in APLT's pre-market plunge.
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