Applied Therapeutics (NASDAQ:APLT) Stock Price Up 7.1% – Here’s Why

Applied Therapeutics, Inc. (NASDAQ:APLT) shares were up 7.1% on Wednesday . The company traded as high as $9.59 and last traded at $9.56. Approximately 299,637 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 1,826,126 shares. The stock had previously closed at $8.93.

Analyst Ratings Changes

A number of analysts have commented on the stock. Leerink Partners upped 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. William Blair upgraded shares of Applied Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Citigroup raised their price objective on shares of Applied Therapeutics from $8.00 to $11.00 and gave the stock a “buy” rating in a research note 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 company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $12.50.

Applied Therapeutics Trading Down 1.5 %

The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -5.79 and a beta of 2.01. The stock has a 50-day simple moving average of $8.49 and a 200 day simple moving average of $6.29.

Institutional Investors Weigh In On Applied Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. acquired a new position in Applied Therapeutics in the 2nd quarter worth about $54,000. Principal Financial Group Inc. bought a new stake in shares of Applied Therapeutics in the 2nd quarter valued at approximately $54,000. Y Intercept Hong Kong Ltd acquired a new position in Applied Therapeutics in the third quarter worth approximately $149,000. SG Americas Securities LLC bought a new position in Applied Therapeutics during the second quarter valued at approximately $87,000. Finally, Intech Investment Management LLC bought a new position in Applied Therapeutics during the third quarter valued at approximately $162,000. 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.