Applied Therapeutics stock plunges 30% on Phase 3 data for cardiac drug (NASDAQ:APLT)

Applied Therapeutics (NASDAQ:APLT) stock plunged 30% in post-market trading Thursday after the biotech company reported mixed results from a Phase 3 study of its drug AT-001 and said it would be seeking a partner for the product.

The study had been evaluating the drug in the treatment of patients with diabetic cardiomyopathy who were at high risk of progressing to overt heart failure. Data from the study showed no statistically significant difference in improvement or stabilization of cardiac functional capacity in patients who took the medication versus placebo.

That said, the data did show the drug was able to stabilize cardiac functional capacity in a subset of patients who were not taking SGLT2 or GLP-1 drugs for the treatment of diabetes, according to the company.

The company said it plans to identify an appropriate path forward for the drug through partnering, adding that it intends to focus its resources on its drug candidate govorestat.

On Wednesday, Applied Therapeutics announced it submitted a New Drug Application to the FDA for govorestat in December for the treatment of classic galactosemia.