Applied Therapeutics (NASDAQ:APLT) Downgraded by Royal Bank of Canada to Sector Perform

Royal Bank of Canada downgraded shares of Applied Therapeutics (NASDAQ:APLT) from an outperform rating to a sector perform rating in a research note published on Friday, Marketbeat Ratings reports. They currently have $4.00 target price on the stock, down from their previous target price of $12.00.

Several other research firms also recently weighed in on APLT. William Blair raised Applied Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. Leerink Partners raised their price target on Applied Therapeutics from $11.00 to $14.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. Finally, Citigroup lifted their price target on Applied Therapeutics from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Applied Therapeutics presently has an average rating of “Buy” and an average price target of $8.80.

Applied Therapeutics Trading Down 76.3 %

Shares of Applied Therapeutics stock opened at $2.03 on Friday. The company has a 50-day moving average of $8.71 and a two-hundred day moving average of $6.46. Applied Therapeutics has a 12-month low of $1.85 and a 12-month high of $10.62. The stock has a market cap of $236.21 million, a PE ratio of -1.26 and a beta of 2.01.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in APLT. Victory Capital Management Inc. purchased a new position in shares of Applied Therapeutics during the 2nd quarter worth $54,000. Principal Financial Group Inc. purchased a new position in Applied Therapeutics during the second quarter worth about $54,000. SG Americas Securities LLC acquired a new stake in Applied Therapeutics in the 2nd quarter worth about $87,000. Algert Global LLC purchased a new stake in Applied Therapeutics in the 2nd quarter valued at about $110,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Applied Therapeutics in the 3rd quarter valued at about $149,000. Institutional investors and hedge funds 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.