Royal Bank of Canada Has Lowered Expectations for Applied Therapeutics (NASDAQ:APLT) Stock Price

Applied Therapeutics (NASDAQ:APLT) had its target price reduced by research analysts at Royal Bank of Canada from $4.00 to $1.50 in a report issued on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 47.06% from the company’s previous close.

Several other analysts also recently issued reports on APLT. Leerink Partners upped their price objective on shares of Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. 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 research note on Friday, November 29th. UBS Group reaffirmed a “neutral” rating and issued a $2.00 target price (down previously from $13.00) on shares of Applied Therapeutics in a report on Monday, December 2nd. William Blair upgraded shares of Applied Therapeutics to a “strong-buy” rating in a research note on Thursday, November 28th. Finally, Citigroup cut their price objective on shares of Applied Therapeutics from $13.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Applied Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $6.10.

Applied Therapeutics Price Performance

Applied Therapeutics stock opened at $1.02 on Friday. Applied Therapeutics has a one year low of $0.95 and a one year high of $10.62. The company’s fifty day moving average price is $6.78 and its two-hundred day moving average price is $6.15. The company has a market capitalization of $118.68 million, a price-to-earnings ratio of -0.63 and a beta of 1.76.

Institutional Trading of Applied Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its position in shares of Applied Therapeutics by 37.8% during the third quarter. Janus Henderson Group PLC now owns 10,541,528 shares of the company’s stock worth $89,656,000 after purchasing an additional 2,893,323 shares in the last quarter. State Street Corp raised its position in shares of Applied Therapeutics by 123.1% during the third 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. Peregrine Capital Management LLC acquired a new stake in Applied Therapeutics in the second quarter worth about $3,414,000. Ally Bridge Group NY LLC acquired a new position in Applied Therapeutics during the 3rd quarter valued at about $5,256,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of 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 last quarter. 98.31% of the stock is currently owned by institutional investors and hedge funds.

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.