Applied Therapeutics (NASDAQ:APLT) Trading Down 4.7% – Here’s Why

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. William Blair raised Applied Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $12.00 price target on shares of Applied Therapeutics in a report on Wednesday, July 17th. Leerink Partners lifted their target price on Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. Finally, Citigroup lifted their target price on Applied Therapeutics from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $12.50.

Applied Therapeutics Price Performance

The stock has a fifty day moving average of $8.00 and a 200 day moving average of $6.09. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -5.63 and a beta of 2.01.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of APLT. Propel Bio Management LLC raised its position in Applied Therapeutics by 13.7% during the first 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 in the last quarter. StemPoint Capital LP increased its position in shares of Applied Therapeutics by 122.3% in 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 in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Applied Therapeutics in the first quarter valued at approximately $272,000. Altitude Crest Partners Inc. purchased a new stake in shares of Applied Therapeutics in the first quarter valued at approximately $1,766,000. Finally, Knoll Capital Management LLC increased its position in shares of Applied Therapeutics by 1.8% in the first quarter. Knoll Capital Management LLC now owns 5,574,687 shares of the company’s stock valued at $37,908,000 after buying an additional 100,000 shares in the last quarter. 98.31% of the stock is currently owned by hedge funds and other 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.