Applied Therapeutics (NASDAQ:APLT) Shares Up 5.5% – Here’s Why

Applied Therapeutics, Inc. (NASDAQ:APLT) shares rose 5.5% during trading on Tuesday . The company traded as high as $10.48 and last traded at $10.12. Approximately 1,403,229 shares were traded 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.

Analyst Upgrades and Downgrades

APLT has been the topic of several recent analyst reports. Leerink Partners boosted their price objective on shares of Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. William Blair raised Applied Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Citigroup raised their price objective on Applied Therapeutics from $8.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $12.50.

Applied Therapeutics Price Performance

The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -6.41 and a beta of 2.01. The company’s 50-day simple moving average is $8.68 and its 200-day simple moving average is $6.38.

Institutional Trading of Applied Therapeutics

Several hedge funds have recently added to or reduced their stakes in APLT. Principal Financial Group Inc. acquired a new position in shares of Applied Therapeutics during the 2nd quarter worth approximately $54,000. Victory Capital Management Inc. acquired a new stake in Applied Therapeutics during the second quarter worth approximately $54,000. SG Americas Securities LLC bought a new position in Applied Therapeutics during the 2nd quarter worth $87,000. Algert Global LLC acquired a new position in Applied Therapeutics in the 2nd quarter valued at $110,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Applied Therapeutics during the 3rd quarter valued at $149,000. 98.31% of the stock is 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.