The news of Applied Therapeutics, Inc.’s fall from grace hit the stock market like a bolt of lightning on a clear day. The company released topline results of the ARISE-HF Phase 3 trial of AT-001 (caficrestat) in patients with Diabetic Cardiomyopathy (DbCM) at high risk of progression to overt heart failure. Investors, however, were not singing in the streets. The study’s primary endpoint aimed for stabilization or improvement in cardiac functional capacity, as measured by Peak VO2 in patients treated with AT-001 1500mg twice daily (BID) compared to placebo. Alas, Applied Therapeutics shares dipped a whopping 35.6% to $2.4498 on Friday.
But all was not gloomy in the stock market; other companies were experiencing a sense of buoyancy. Ainos, Inc. jumped 112.6% to $3.6805 after falling more than 12% on Thursday. Revelstone Capital Acquisition Corp. shares climbed 89.6% to $10.71 as the company decided to cancel a special meeting to approve a business combination with Set Jet, Inc. Banzai International, Inc. surged 74% to $2.92 after signing a non-binding letter of intent to acquire IGLeads, a cutting-edge automated lead generation platform.
Gainers and Losers
- GainersAIMD
- Revelstone Capital Acquisition Corp. RCAC
Gainers
- Revelstone Capital Acquisition Corp. RCAC shares climbed 89.6% to $10.71. Revelstone Capital Acquisition canceled a special meeting to approve a business combination with Set Jet, Inc.
- Banzai International, Inc. BNZI surged 74% to $2.92. Banzai International signed a non-binding letter of intent to acquire IGLeads, a cutting-edge automated lead generation platform.
- Safe and Green Development Corporation SGD shares rose 56.5% to $2.1307. Safe And Green Development recently issued an update on LOI for acquisition of Xene AI Software platform.
- NexImmune, Inc. NEXI gained 30% to $7.67
- Dermata Therapeutics, Inc. DRMA rose climbed 27.8% to $0.78 after the company announced the issuance of a new patent in Japan for its DMT410 program for the treatment of hyperhidrosis.
Diverse Market Fluctuations Shake Confidence Amid Economic Turbulence
KORE Group Holdings, Inc.
After a soaring over 60% on Thursday, KORE Group Holdings, Inc. shares plummeted by 14.8% to $1.04, causing concern among investors.
Allogene Therapeutics, Inc.
Amidst a decline of 14.1% to $2.9050, Allogene Therapeutics, Inc. highlighted a partnership to develop MRD-based in-vitro diagnostic, triggering downgrades from JMP Securities and Guggenheim.
Omega Therapeutics, Inc.
Omega Therapeutics, Inc. experienced a sharp decline of 13.8% to $4.58, adding to the pressure felt by investors amidst market instability.
CISO Global Inc.
Shares of CISO Global Inc. fell by 13.7% to $0.0901, following Nasdaq’s decision to delist securities, compounding the growing unease in the market.
Catalyst Pharmaceuticals, Inc.
Catalyst Pharmaceuticals, Inc. witnessed a decline of 13.4% to $14.81 after announcing the pricing of a public offering of common stock, amplifying concerns over the fluctuating market conditions.
Smart for Life, Inc.
Experiencing a 12.3% drop to $1.6408 after a sudden 15% surge, Smart for Life, Inc. added to the volatility of market sentiments.
Exscientia plc
Exscientia plc faced a 10.8% decline to $5.84 following a downgrade by B of A Securities analyst Michael Ryskin, reflecting the escalating uncertainty in the market.
SAB Biotherapeutics, Inc.
Declining by 9.1% to $5.90, SAB Biotherapeutics, Inc. witnessed a drop in shares, further contributing to the prevailing market unease.
Sabine Royalty Trust
Sabine Royalty Trust registered an 8.7% fall to $63.02, impacting investor confidence amidst the ongoing market fluctuation.
Dyne Therapeutics, Inc.
Dyne Therapeutics, Inc. witnessed an 8% decline to $17.84 subsequent to pricing a $300 million public offering of 17.15 million common stock at $17.50 per share.
Immunocore Holdings plc
Immunocore Holdings plc dipped 7.3% to $64.61 amid strategic priorities and pipeline expansion announcement ahead of the 42nd Annual J.P. Morgan Healthcare Conference presentation.
Theravance Biopharma, Inc.
Following the release of results from Phase 4 YUPELRI PIFR-2 study, Theravance Biopharma, Inc. observed a 6.6% drop to $10.76 after the study did not show a statistically significant difference between yupelri and spiriva handihaler on the primary endpoint.
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