Applied Therapeutics (NASDAQ:APLT) Trading Down 4.7% – Time to Sell?

Applied Therapeutics, Inc. (NASDAQ:APLT)’s stock price fell 4.7% during mid-day trading on Wednesday . The company traded as low as $9.35 and last traded at $9.43. 344,014 shares traded hands during trading, a decline of 81% from the average session volume of 1,828,892 shares. The stock had previously closed at $9.90.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on APLT shares. William Blair raised shares of Applied Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Citigroup increased their target price on shares of Applied Therapeutics from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Leerink Partners lifted their price target on shares of Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Thursday, September 19th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Applied Therapeutics presently has a consensus rating of “Buy” and an average price target of $12.50.

Applied Therapeutics Stock Up 1.0 %

The business’s 50 day simple moving average is $8.06 and its 200 day simple moving average is $6.11. The company has a market capitalization of $1.05 billion, a PE ratio of -5.46 and a beta of 2.01.

Hedge Funds Weigh In On Applied Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in Applied Therapeutics by 198.6% during the 1st quarter. Janus Henderson Group PLC now owns 6,414,642 shares of the company’s stock valued at $43,555,000 after purchasing an additional 4,266,179 shares during the period. StemPoint Capital LP raised its position in Applied Therapeutics by 122.3% during the first quarter. StemPoint Capital LP now owns 2,017,016 shares of the company’s stock valued at $13,716,000 after buying an additional 1,109,864 shares during the period. Artal Group S.A. purchased a new stake in Applied Therapeutics in the 1st quarter worth about $6,865,000. Propel Bio Management LLC boosted 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 worth $41,561,000 after acquiring an additional 736,924 shares during the period. Finally, Peregrine Capital Management LLC acquired a new stake in Applied Therapeutics during the 2nd quarter worth about $3,414,000. Institutional investors and hedge funds own 98.31% of the company’s stock.

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.