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

Royal Bank of Canada lowered shares of Applied Therapeutics (NASDAQ:APLTFree Report) from an outperform rating to a sector perform rating in a report released on Friday morning, Marketbeat.com reports. The firm currently has $4.00 price objective on the stock, down from their prior price objective of $12.00.

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

Read Our Latest Research Report on APLT

Applied Therapeutics Stock Performance

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

Institutional Investors Weigh In On Applied Therapeutics

A number of hedge funds have recently bought and sold shares of APLT. Janus Henderson Group PLC raised its position in shares of 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 purchasing an additional 2,893,323 shares in the last quarter. State Street Corp boosted its stake in Applied Therapeutics by 123.1% during the 3rd quarter. State Street Corp now owns 3,694,607 shares of the company’s stock valued at $31,404,000 after acquiring an additional 2,038,724 shares during the last quarter. Peregrine Capital Management LLC acquired a new position in Applied Therapeutics during the 2nd quarter worth $3,414,000. Ally Bridge Group NY LLC acquired a new stake in shares of Applied Therapeutics in the 3rd quarter valued at about $5,256,000. Finally, Charles Schwab Investment Management Inc. lifted its position 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 purchasing an additional 457,940 shares during the last quarter. Institutional investors and hedge funds own 98.31% of the company’s stock.

About Applied Therapeutics

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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.

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