Shares of Applied Therapeutics, Inc. APLT plunged drastically on Friday following the release of disappointing topline results from the ARISE-HF Phase 3 trial of AT-001 (caficrestat) in patients with Diabetic Cardiomyopathy (DbCM). The trial failed to meet its primary endpoint, resulting in a sharp decline of 35.6% to $2.4498.
Gainers
- Ainos, Inc.AIMD skyrocketed 112.6% to $3.6805 after a previous day’s fall.
- Revelstone Capital Acquisition Corp. RCAC surged 89.6% to $10.71 on business combination cancellation.
- Banzai International, Inc. BNZI rose 74% to $2.92 after signing a non-binding letter of intent.
- Safe and Green Development Corporation SGD climbed 56.5% to $2.1307 with an update on the LOI for acquisition.
- NexImmune, Inc. NEXI gained 30% to $7.67.
- Dermata Therapeutics, Inc. DRMA rose 27.8% to $0.78 after a new patent issuance in Japan.
- Polished.com Inc. POL gained 27.2% to $8.05.
- Swvl Holdings Corp. SWVL also surged 27.2% to $2.90.
- PolyPid Ltd. PYPD rose 25% to $8.44 after a $16.2 million private placement announcement.
- AxoGen, Inc. AXGN jumped 20.4% to $8.13 with preliminary unaudited revenue data and a planned CEO retirement.
- Aurora Mobile Limited JG surged 19.2% to $3.79.
- Kura Sushi USA, Inc. KRUS rose 15.7% to $86.31 following first-quarter results.
- The Greenbrier Companies, Inc. GBX gained 13.8% to $50.50 following upbeat earnings.
- Peloton Interactive, Inc. PTON rose 13.1% to $6.93.
- Pinstripes Holdings Inc. PNST picked up 12.4% to $5.92 after a previous day’s dip.
- Cyclacel Pharmaceuticals, Inc. CYCC rose 12.4% to $2.53.
- Elanco Animal Health Incorporated ELAN gained 8% to $15.72 after a related analyst upgrade.
- Intelligent Bio Solutions Inc. INBS jumped 7.2% to $0.3212 after receiving National Association of Testing Authorities accreditation.
Losers
- agilon health, inc. AGL tumbled 35.1% to $7.84 after slashing its 2023 financial outlook.
- Avenue Therapeutics, Inc. ATXI shares fell 33.7% to $0.2266 after a massive jump attributed to an FDA agreement for a Phase 3 safety study.
- Medical Properties Trust, Inc. MPW fell 30.6% to $3.4699 following plans to reduce its exposure to a tenant.
- AngioDynamics, Inc. ANGO dipped 22.6% to $6.00 after a lowered FY24 guidance.
- Lucy Scientific Discovery Inc. LSDI fell 22% to $0.1949.
- Voyager Therapeutics, Inc. VYGR fell 19.1% to $8.77 after pricing a public offering of common shares.
- Verb Technology Company, Inc. VERB shares dropped 17.4% to $0.1340 after entering into a securities purchase agreement.
Investor Plunge: Big Moves in Stock Market
Company Sell-Offs Rattle the Market
An investor recently made a bold move by purchasing 3,000 shares of a company’s newly designated non-convertible Series C preferred stock for $3 million. The timing of this significant purchase comes amidst a series of abrupt downward spirals in various company shares, disconcerting the market and affecting investor sentiment.
Market Overview: Share Plummet in Various Sectors
In the recent market plunge, various key companies witnessed significant share price declines. KORE Group Holdings, Inc. shares nosedived by 14.8% to $1.04 after a dramatic 60% jump on Thursday. Similarly, Allogene Therapeutics, Inc. experienced a 14.1% decline to $2.9050 after announcing a partnership with Foresight Diagnostics. Notably, Omega Therapeutics, Inc., CISO Global Inc., Catalyst Pharmaceuticals, Inc., Smart for Life, Inc., Exscientia plc, SAB Biotherapeutics, Inc., Sabine Royalty Trust, Dyne Therapeutics, Inc., Immunocore Holdings plc, and Theravance Biopharma, Inc. were not spared, with their shares falling by 8-14%.
Analyst Downgrades and Delisting
Compounding the downward trend, several companies experienced additional setbacks. CISO Global Inc. had its securities delisted by Nasdaq, sending its shares plummeting 13.7% to $0.0901. Furthermore, Exscientia plc suffered a 10.8% fall to $5.84 after being downgraded by B of A Securities analyst Michael Ryskin from Buy to Neutral. Similarly, Immunocore Holdings plc faced a 7.3% dip, coinciding with the announcement of strategic priorities and pipeline expansion, ahead of the 42nd Annual J.P. Morgan Healthcare Conference presentation.
Strategic Company Announcements
Amidst the volatility, Catalyst Pharmaceuticals, Inc. also announced the pricing of a public offering of common stock, leading to a 13.4% decline to $14.81. Similarly, Theravance Biopharma, Inc. disclosed results from the Phase 4 YUPELRI PIFR-2 study, with its shares falling by 6.6% to $10.76 after the company stated that the study did not show a statistically significant difference between yupelri and spiriva handihaler on the primary endpoint.
