Applied Therapeutics (NASDAQ:APLT) Shares Gap Up to $4.65

Applied Therapeutics, Inc. (NASDAQ:APLT) gapped up prior to trading on Wednesday . The stock had previously closed at $4.65, but opened at $6.51. Applied Therapeutics shares last traded at $7.77, with a volume of 11,917,056 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on APLT. Citigroup boosted their price target on Applied Therapeutics from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $12.00 price objective on shares of Applied Therapeutics in a research note on Wednesday, July 17th. Finally, William Blair upgraded shares of Applied Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $11.25.

Applied Therapeutics Trading Up 58.7 %

The stock’s 50 day moving average is $5.66 and its 200 day moving average is $5.29. The stock has a market capitalization of $843.29 million, a price-to-earnings ratio of -4.22 and a beta of 2.03.

Applied Therapeutics (NASDAQ:APLT) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate 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. On average, sell-side analysts anticipate that Applied Therapeutics, Inc. will post -0.48 EPS for the current year.

Insider Activity

In related news, CEO Shoshana Shendelman sold 119,591 shares of Applied Therapeutics stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $5.93, for a total transaction of $709,174.63. Following the completion of the sale, the chief executive officer now owns 4,690,839 shares in the company, valued at approximately $27,816,675.27. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Applied Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC acquired a new stake in shares of Applied Therapeutics during the second quarter worth $110,000. Frazier Life Sciences Management L.P. boosted its stake in Applied Therapeutics by 17.1% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,286,135 shares of the company’s stock worth $10,676,000 after buying an additional 333,278 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Applied Therapeutics in the 2nd quarter valued at about $172,000. Sei Investments Co. purchased a new stake in Applied Therapeutics in the 2nd quarter valued at about $535,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Applied Therapeutics during the 2nd quarter valued at about $54,000. 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.