Applied Therapeutics (NASDAQ:APLT) Trading Down 8.5% – Time to Sell?

Shares of Applied Therapeutics, Inc. (NASDAQ:APLT) were down 8.5% on Wednesday . The stock traded as low as $9.31 and last traded at $9.34. Approximately 1,670,885 shares were traded during trading, a decline of 9% from the average daily volume of 1,839,452 shares. The stock had previously closed at $10.21.

Wall Street Analyst Weigh In

APLT has been the topic of a number of recent analyst reports. Citigroup upped their target price on shares of Applied Therapeutics from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. William Blair upgraded Applied Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Leerink Partners lifted their target price on Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $12.50.

Applied Therapeutics Price Performance

The stock’s fifty day simple moving average is $8.80 and its 200-day simple moving average is $6.42. The stock has a market cap of $997.21 million, a P/E ratio of -5.80 and a beta of 2.01.

Institutional Trading of Applied Therapeutics

Several hedge funds have recently made changes to their positions in APLT. Victory Capital Management Inc. bought a new position in Applied Therapeutics during the 2nd quarter worth $54,000. Principal Financial Group Inc. acquired a new stake in shares of Applied Therapeutics in the 2nd quarter worth about $54,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Applied Therapeutics in the 3rd quarter worth about $149,000. SG Americas Securities LLC bought a new stake in Applied Therapeutics in the 2nd quarter valued at about $87,000. Finally, Intech Investment Management LLC acquired a new position in Applied Therapeutics during the 3rd quarter valued at about $162,000. 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.