Applied Therapeutics (NASDAQ:APLT) Given New $8.00 Price Target at Citigroup

Applied Therapeutics (NASDAQ:APLT) had its price objective lowered by equities research analysts at Citigroup from $13.00 to $8.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 294.09% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Robert W. Baird cut their price objective on shares of Applied Therapeutics from $14.00 to $5.00 and set an “outperform” rating for the company in a research report on Friday. William Blair upgraded shares of Applied Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Royal Bank of Canada lowered shares of Applied Therapeutics from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $12.00 to $4.00 in a research note on Friday. Finally, Leerink Partners upped their price objective on Applied Therapeutics from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Applied Therapeutics presently has an average rating of “Buy” and an average target price of $8.80.

Applied Therapeutics Stock Performance

APLT stock traded down $6.54 during trading on Friday, reaching $2.03. 43,901,156 shares of the company were exchanged, compared to its average volume of 2,687,166. The stock’s 50 day moving average price is $8.82 and its 200 day moving average price is $6.45. The company has a market cap of $236.21 million, a P/E ratio of -1.26 and a beta of 2.01. Applied Therapeutics has a 52-week low of $1.82 and a 52-week high of $10.62.

Institutional Investors Weigh In On Applied Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in APLT. Victory Capital Management Inc. bought a new position in Applied Therapeutics in the 2nd quarter worth approximately $54,000. Principal Financial Group Inc. acquired a new stake in shares of Applied Therapeutics during the 2nd quarter worth about $54,000. Y Intercept Hong Kong Ltd bought a new position in shares of Applied Therapeutics in the third quarter valued at approximately $149,000. SG Americas Securities LLC acquired a new position in Applied Therapeutics in the second quarter worth $87,000. Finally, Intech Investment Management LLC acquired a new position in Applied Therapeutics during the 3rd quarter worth about $162,000. 98.31% of the stock is currently owned by institutional investors and hedge funds.

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.