Applied Therapeutics (NASDAQ:APLT) Given New $11.00 Price Target at Citigroup

Applied Therapeutics (NASDAQ:APLT) had its price target raised by Citigroup from $8.00 to $11.00 in a research report report published on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Leerink Partners boosted their price objective on shares of Applied Therapeutics from $11.00 to $14.00 and gave the company an outperform rating in a research report on Thursday. William Blair upgraded Applied Therapeutics to a strong-buy rating in a report on Friday, August 30th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $12.00 price objective on shares of Applied Therapeutics in a report on Wednesday, July 17th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Applied Therapeutics currently has a consensus rating of Buy and a consensus target price of $12.50.

Applied Therapeutics Price Performance

Shares of Applied Therapeutics stock opened at $7.70 on Thursday. Applied Therapeutics has a one year low of $1.79 and a one year high of $9.39. The business’s 50 day simple moving average is $5.81 and its two-hundred day simple moving average is $5.32. The stock has a market capitalization of $879.86 million, a P/E ratio of -4.18 and a beta of 2.03.

Applied Therapeutics (NASDAQ:APLT) last issued its earnings results on Wednesday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.03). The firm had revenue of $0.14 million for the quarter, compared to analysts’ expectations of $10.00 million. Sell-side analysts expect that Applied Therapeutics will post -0.48 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Shoshana Shendelman sold 300,000 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $5.98, for a total value of $1,794,000.00. Following the completion of the transaction, the chief executive officer now directly owns 5,167,853 shares of the company’s stock, valued at $30,903,760.94. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Applied Therapeutics

Hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its position in Applied Therapeutics by 198.6% during the first quarter. Janus Henderson Group PLC now owns 6,414,642 shares of the company’s stock valued at $43,555,000 after buying an additional 4,266,179 shares during the period. Propel Bio Management LLC lifted its position in Applied Therapeutics by 13.7% during the 1st quarter. Propel Bio Management LLC now owns 6,111,906 shares of the company’s stock valued at $41,561,000 after acquiring an additional 736,924 shares during the period. Knoll Capital Management LLC boosted its stake in Applied Therapeutics by 1.8% during the first quarter. Knoll Capital Management LLC now owns 5,574,687 shares of the company’s stock worth $37,908,000 after acquiring an additional 100,000 shares in the last quarter. Vestal Point Capital LP purchased a new stake in Applied Therapeutics in the fourth quarter worth about $13,919,000. Finally, Frazier Life Sciences Management L.P. increased its stake in shares of Applied Therapeutics by 17.1% during the second quarter. Frazier Life Sciences Management L.P. now owns 2,286,135 shares of the company’s stock valued at $10,676,000 after purchasing an additional 333,278 shares in the last quarter. 98.31% of the stock is currently owned by institutional investors.

About Applied Therapeutics

Applied Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the development of a pipeline of novel product candidates against validated molecular targets in indications of high unmet medical need in the United States. The company's lead product candidate is AT-007 (also called govorestat) that has completed phase 3 for the treatment of galactosemia in healthy volunteers and adults, in pediatric clinical study for the treatment of galactosemia in kids, for treating enzyme sorbitol dehydrogenase, and for the treatment of phosphomannomutase enzyme-CDG.