Citigroup Boosts Applied Therapeutics (NASDAQ:APLT) Price Target to $11.00

Applied Therapeutics (NASDAQ:APLT) had its price target raised by research analysts at Citigroup from $8.00 to $11.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 26.15% from the company’s current price.

A number of other research firms have also recently weighed in on APLT. Leerink Partners boosted their price target on Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Thursday. Royal Bank of Canada restated an “outperform” rating and issued a $12.00 target price on shares of Applied Therapeutics in a report on Wednesday, July 17th. Finally, William Blair raised shares of Applied Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $12.50.

Applied Therapeutics Price Performance

APLT traded up $0.87 during midday trading on Thursday, reaching $8.72. 4,676,365 shares of the company’s stock were exchanged, compared to its average volume of 1,740,807. Applied Therapeutics has a 1-year low of $1.79 and a 1-year high of $9.39. The stock has a market capitalization of $996.41 million, a PE ratio of -4.74 and a beta of 2.03. The business’s 50-day moving average price is $5.71 and its 200 day moving average price is $5.31.

Applied Therapeutics (NASDAQ:APLT) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.03). The firm had revenue of $0.14 million for the quarter, compared to analyst estimates of $10.00 million. As a group, analysts expect that Applied Therapeutics will post -0.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Shoshana Shendelman sold 119,591 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $5.93, for a total transaction of $709,174.63. Following the completion of the transaction, the chief executive officer now owns 4,690,839 shares of the company’s stock, valued at $27,816,675.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Applied Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. purchased a new position in shares of Applied Therapeutics in the 2nd quarter worth about $54,000. Principal Financial Group Inc. purchased a new position in Applied Therapeutics in the second quarter valued at approximately $54,000. SG Americas Securities LLC acquired a new position in Applied Therapeutics during the second quarter valued at approximately $87,000. Algert Global LLC purchased a new stake in Applied Therapeutics during the second quarter worth approximately $110,000. Finally, Jump Financial LLC acquired a new stake in shares of Applied Therapeutics in the fourth quarter worth $81,000. Hedge funds and other institutional investors own 98.31% of the company’s stock.

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.