Applied Therapeutics (NASDAQ:APLT) Price Target Cut to $8.00 by Analysts at Citigroup

Applied Therapeutics (NASDAQ:APLT) had its price objective lowered by Citigroup from $13.00 to $8.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also issued reports on APLT. Robert W. Baird dropped their target price on shares of Applied Therapeutics from $14.00 to $5.00 and set an “outperform” rating for the company in a report on Friday. Royal Bank of Canada cut shares of Applied Therapeutics from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $12.00 to $4.00 in a research note on Friday. William Blair raised shares of Applied Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Leerink Partners boosted their target price on Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $8.80.

Applied Therapeutics Stock Performance

Shares of APLT opened at $2.03 on Friday. The stock has a 50 day moving average price of $8.71 and a 200 day moving average price of $6.46. Applied Therapeutics has a one year low of $1.85 and a one year high of $10.62. The stock has a market capitalization of $236.21 million, a price-to-earnings ratio of -1.26 and a beta of 2.01.

Institutional Investors Weigh In On Applied Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in Applied Therapeutics in the second quarter valued at approximately $87,000. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Applied Therapeutics in the second quarter valued at $920,000. Bank of New York Mellon Corp purchased a new stake in shares of Applied Therapeutics in the 2nd quarter valued at $1,325,000. Principal Financial Group Inc. acquired a new position in Applied Therapeutics during the 2nd quarter worth about $54,000. Finally, Peregrine Capital Management LLC purchased a new position in Applied Therapeutics during the 2nd quarter valued at about $3,414,000. 98.31% of the stock is owned by hedge funds and other institutional investors.

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.