Applied Therapeutics (NASDAQ:APLT) Stock Price Up 7.1% – What’s Next?

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

Wall Street Analysts Forecast Growth

APLT has been the topic of several research reports. William Blair raised Applied Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Citigroup increased their price target 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. Finally, Leerink Partners raised their target price 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. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $12.50.

Applied Therapeutics Stock Performance

The stock has a market capitalization of $1.09 billion, a P/E ratio of -5.93 and a beta of 2.01. The firm has a fifty day moving average price of $8.32 and a two-hundred day moving average price of $6.25.

Hedge Funds Weigh In On Applied Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC increased its stake in shares of Applied Therapeutics by 198.6% in the first quarter. Janus Henderson Group PLC now owns 6,414,642 shares of the company’s stock worth $43,555,000 after purchasing an additional 4,266,179 shares in the last quarter. State Street Corp increased its stake in Applied Therapeutics by 123.1% during the third quarter. State Street Corp now owns 3,694,607 shares of the company’s stock worth $31,404,000 after acquiring an additional 2,038,724 shares during the last quarter. Artal Group S.A. bought a new stake in shares of Applied Therapeutics in the 1st quarter valued at approximately $6,865,000. Peregrine Capital Management LLC purchased a new stake in shares of Applied Therapeutics in the second quarter valued at $3,414,000. Finally, Opaleye Management Inc. lifted its holdings in shares of Applied Therapeutics by 62.0% in the 1st quarter. Opaleye Management Inc. now owns 1,770,000 shares of the company’s stock worth $12,036,000 after acquiring an additional 677,500 shares during the last quarter. 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.