By Denny Jacob
Applied Therapeutics shares sank 30% to $2.67 in after-hours trading on Thursday following results from a trial of AT-001 that failed to show statistically significant difference between the treatment and placebo.
The stock has more than quadrupled in the last 12 months.
The clinical-stage biopharmaceutical company said the study evaluated the treatment effect of AT-001 as an add-on to diabetes standard of care therapies. It added that AT-001 was generally safe and well tolerated.
Applied Therapeutics said it plans to focus on identifying an appropriate path forward through partnering in order to bring AT-001 to patients with diabetic cardiomyopathy, which the trial evaluated.
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