Applied Therapeutics (NASDAQ:APLT) Trading 5.5% Higher – What’s Next?

Shares of Applied Therapeutics, Inc. (NASDAQ:APLT) rose 5.5% during trading on Tuesday . The stock traded as high as $10.48 and last traded at $10.12. Approximately 1,403,229 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 1,836,035 shares. The stock had previously closed at $9.59.

Wall Street Analysts Forecast Growth

APLT has been the topic of several analyst reports. Leerink Partners increased 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. Citigroup lifted their price target on Applied Therapeutics from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, William Blair upgraded Applied Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $12.50.

Applied Therapeutics Stock Up 5.6 %

The business’s 50 day simple moving average is $8.68 and its two-hundred day simple moving average is $6.38. The stock has a market cap of $1.18 billion, a P/E ratio of -6.41 and a beta of 2.01.

Hedge Funds Weigh In On Applied Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC grew its holdings in shares of Applied Therapeutics by 198.6% during the first quarter. Janus Henderson Group PLC now owns 6,414,642 shares of the company’s stock worth $43,555,000 after purchasing an additional 4,266,179 shares during the last quarter. State Street Corp grew its holdings in Applied Therapeutics by 123.1% during the 3rd quarter. State Street Corp now owns 3,694,607 shares of the company’s stock worth $31,404,000 after acquiring an additional 2,038,724 shares during the last quarter. Artal Group S.A. acquired a new position in Applied Therapeutics in the 1st quarter valued at approximately $6,865,000. Peregrine Capital Management LLC bought a new position in shares of Applied Therapeutics during the second quarter valued at $3,414,000. Finally, Opaleye Management Inc. lifted its holdings in shares of Applied Therapeutics by 62.0% during the first quarter. Opaleye Management Inc. now owns 1,770,000 shares of the company’s stock worth $12,036,000 after purchasing an additional 677,500 shares during the period. 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.