Applied Therapeutics (NASDAQ:APLT) Lowered to “Sector Perform” Rating by Royal Bank of Canada

Royal Bank of Canada cut shares of Applied Therapeutics (NASDAQ:APLT) from an outperform rating to a sector perform rating in a research report sent to investors on Friday, Marketbeat reports. Royal Bank of Canada currently has $4.00 price target on the stock, down from their prior price target of $12.00.

Several other research firms have also weighed in on APLT. Citigroup upped their target price on Applied Therapeutics from $8.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Leerink Partners increased their price objective on shares of Applied Therapeutics from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th. Finally, William Blair raised shares of Applied Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.80.

Applied Therapeutics Price Performance

APLT opened at $2.03 on Friday. Applied Therapeutics has a 1-year low of $1.85 and a 1-year high of $10.62. The stock has a market cap of $236.21 million, a P/E ratio of -1.26 and a beta of 2.01. The stock’s 50 day simple moving average is $8.71 and its 200 day simple moving average is $6.44.

Institutional Investors Weigh In On Applied Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC raised its holdings in Applied Therapeutics by 37.8% in the 3rd quarter. Janus Henderson Group PLC now owns 10,541,528 shares of the company’s stock valued at $89,656,000 after acquiring an additional 2,893,323 shares during the last quarter. State Street Corp grew its position in shares of Applied Therapeutics by 123.1% in the third quarter. State Street Corp now owns 3,694,607 shares of the company’s stock valued at $31,404,000 after purchasing an additional 2,038,724 shares during the period. 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 last quarter. Charles Schwab Investment Management Inc. lifted its position in Applied Therapeutics by 165.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 735,217 shares of the company’s stock worth $6,249,000 after buying an additional 457,940 shares during the period. Finally, Peregrine Capital Management LLC acquired a new stake in Applied Therapeutics in the 2nd quarter worth about $3,414,000. 98.31% of the stock is currently owned by hedge funds and other 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.