Short Interest in Applied Therapeutics, Inc. (NASDAQ:APLT) Declines By 16.4%

Applied Therapeutics, Inc. (NASDAQ:APLT) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 12,140,000 shares, a decrease of 16.4% from the October 15th total of 14,530,000 shares. Based on an average daily trading volume, of 2,600,000 shares, the short-interest ratio is presently 4.7 days.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on APLT. Citigroup increased their target price on 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 boosted their price objective on shares of Applied Therapeutics from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Thursday, September 19th. Finally, William Blair upgraded shares of Applied Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $12.50.

Applied Therapeutics Stock Performance

Shares of APLT stock opened at $8.69 on Friday. The company has a market capitalization of $1.01 billion, a P/E ratio of -5.40 and a beta of 2.01. Applied Therapeutics has a 52 week low of $1.79 and a 52 week high of $10.62. The company’s 50 day moving average price is $8.19 and its two-hundred day moving average price is $6.16.

Institutional Investors Weigh In On Applied Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new position in Applied Therapeutics in the second quarter valued at $54,000. Victory Capital Management Inc. bought a new position in Applied Therapeutics in the second quarter valued at approximately $54,000. SG Americas Securities LLC acquired a new position in shares of Applied Therapeutics during the 2nd quarter worth approximately $87,000. Algert Global LLC bought a new stake in shares of Applied Therapeutics during the 2nd quarter worth approximately $110,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Applied Therapeutics in the 3rd quarter valued at approximately $149,000. 98.31% of the stock is owned by institutional investors.

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.