Royal Bank of Canada Downgrades Applied Therapeutics (NASDAQ:APLT) to Sector Perform

Applied Therapeutics (NASDAQ:APLT) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a note issued to investors on Friday,Briefing.com Automated Import reports. They currently have a $4.00 price target on the stock, down from their previous price target of $12.00. Royal Bank of Canada’s price objective would indicate a potential downside of 53.33% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Citigroup raised their price objective 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. Leerink Partners raised their price objective on shares of Applied Therapeutics from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th. Finally, William Blair raised shares of Applied Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Applied Therapeutics has a consensus rating of “Buy” and a consensus price target of $10.50.

Applied Therapeutics Price Performance

Shares of Applied Therapeutics stock opened at $8.57 on Friday. The firm has a market cap of $997.21 million, a P/E ratio of -5.32 and a beta of 2.01. The firm has a 50 day simple moving average of $8.82 and a 200 day simple moving average of $6.45. Applied Therapeutics has a fifty-two week low of $1.82 and a fifty-two week high of $10.62.

Hedge Funds Weigh In On Applied Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC boosted its position in shares of Applied Therapeutics by 186.1% during the third quarter. Barclays PLC now owns 200,012 shares of the company’s stock worth $1,702,000 after purchasing an additional 130,102 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Applied Therapeutics during the third quarter worth $149,000. XTX Topco Ltd bought a new position in shares of Applied Therapeutics during the third quarter worth $531,000. Wellington Management Group LLP bought a new position in shares of Applied Therapeutics during the third quarter worth $1,717,000. Finally, State Street Corp boosted its position in shares of Applied Therapeutics by 123.1% during the third quarter. State Street Corp now owns 3,694,607 shares of the company’s stock worth $31,404,000 after purchasing an additional 2,038,724 shares in the last quarter. 98.31% of the stock is 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.