Applied Therapeutics (NASDAQ:APLT) Sees Strong Trading Volume After Analyst Upgrade

Shares of Applied Therapeutics, Inc. (NASDAQ:APLT) saw unusually-high trading volume on Thursday after Citigroup raised their price target on the stock from $8.00 to $11.00. Citigroup currently has a buy rating on the stock. Approximately 885,436 shares changed hands during trading, a decline of 49% from the previous session’s volume of 1,721,531 shares.The stock last traded at $7.91 and had previously closed at $7.85.

A number of other equities research analysts have also recently issued reports on the stock. William Blair upgraded shares of Applied Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Royal Bank of Canada restated an “outperform” rating and set a $12.00 target price on shares of Applied Therapeutics in a research note on Wednesday, July 17th. Finally, Leerink Partners lifted their price target on Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Thursday. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $12.50.

Insider Transactions at Applied Therapeutics

In other Applied Therapeutics news, CEO Shoshana Shendelman sold 119,591 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $5.93, for a total value of $709,174.63. Following the completion of the transaction, the chief executive officer now owns 4,690,839 shares of the company’s stock, valued at approximately $27,816,675.27. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Applied Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of APLT. AIGH Capital Management LLC increased its position in Applied Therapeutics by 109.1% in the fourth quarter. AIGH Capital Management LLC now owns 1,659,039 shares of the company’s stock worth $5,558,000 after purchasing an additional 865,689 shares during the period. Opaleye Management Inc. lifted its holdings in shares of Applied Therapeutics by 22.3% in the fourth quarter. Opaleye Management Inc. now owns 1,092,500 shares of the company’s stock valued at $3,660,000 after purchasing an additional 199,500 shares in the last quarter. Vestal Point Capital LP bought a new stake in shares of Applied Therapeutics in the fourth quarter worth $13,919,000. Hennion & Walsh Asset Management Inc. bought a new position in Applied Therapeutics in the second quarter valued at approximately $920,000. Finally, Peregrine Capital Management LLC bought a new stake in Applied Therapeutics during the second quarter worth $3,414,000. Institutional investors own 98.31% of the company’s stock.

Applied Therapeutics Price Performance

The business has a 50-day simple moving average of $5.81 and a two-hundred day simple moving average of $5.34. The stock has a market cap of $879.86 million, a price-to-earnings ratio of -4.18 and a beta of 2.03.

Applied Therapeutics (NASDAQ:APLT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.03). The business had revenue of $0.14 million for the quarter, compared to analysts’ expectations of $10.00 million. As a group, equities analysts anticipate that Applied Therapeutics, Inc. will post -0.48 earnings per share for the current fiscal year.

Applied Therapeutics Company Profile

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.