Citigroup Issues Pessimistic Forecast for Applied Therapeutics (NASDAQ:APLT) Stock Price

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

APLT has been the subject of a number of other reports. William Blair raised shares of Applied Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. Royal Bank of Canada cut Applied Therapeutics from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $12.00 to $4.00 in a research note on Friday. Robert W. Baird decreased their target price on Applied Therapeutics from $14.00 to $5.00 and set an “outperform” rating for the company in a report on Friday. Finally, Leerink Partners upped their price target on Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $8.80.

Applied Therapeutics Price Performance

Shares of NASDAQ:APLT traded down $6.54 during midday trading on Friday, reaching $2.03. 43,901,156 shares of the company’s stock were exchanged, compared to its average volume of 2,687,166. The stock has a market cap of $236.21 million, a price-to-earnings ratio of -1.26 and a beta of 2.01. The firm’s 50 day simple moving average is $8.82 and its two-hundred day simple moving average is $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

Several hedge funds have recently made changes to their positions in the company. Ally Bridge Group NY LLC purchased a new position in shares of Applied Therapeutics during the third quarter worth approximately $5,256,000. Hennion & Walsh Asset Management Inc. grew its position in Applied Therapeutics by 34.7% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 265,372 shares of the company’s stock worth $2,256,000 after purchasing an additional 68,330 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Applied Therapeutics during the 2nd quarter worth $1,325,000. Frazier Life Sciences Management L.P. increased its stake in Applied Therapeutics by 17.1% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,286,135 shares of the company’s stock valued at $10,676,000 after purchasing an additional 333,278 shares during the period. Finally, Peregrine Capital Management LLC acquired a new stake in shares of Applied Therapeutics during the second quarter worth about $3,414,000. Hedge funds and other institutional investors own 98.31% of the company’s stock.

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.