Applied Therapeutics (NASDAQ:APLT) Stock Price Down 8.5% – Here’s Why

Shares of Applied Therapeutics, Inc. (NASDAQ:APLT) dropped 8.5% during trading on Wednesday . The stock traded as low as $9.31 and last traded at $9.34. Approximately 1,670,885 shares changed hands during mid-day 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 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 Applied Therapeutics from $8.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada downgraded Applied Therapeutics from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $12.00 to $4.00 in a research report on Friday. Finally, Leerink Partners lifted their price target on shares of Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Applied Therapeutics presently has an average rating of “Buy” and a consensus price target of $10.50.

Applied Therapeutics Trading Down 16.1 %

The company has a 50-day moving average price of $8.82 and a 200-day moving average price of $6.45.

Institutional Trading of Applied Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC grew its position in shares of Applied Therapeutics by 37.8% in the 3rd quarter. Janus Henderson Group PLC now owns 10,541,528 shares of the company’s stock valued at $89,656,000 after buying an additional 2,893,323 shares during the last quarter. State Street Corp boosted its stake in Applied Therapeutics by 123.1% in the third quarter. State Street Corp now owns 3,694,607 shares of the company’s stock valued at $31,404,000 after acquiring an additional 2,038,724 shares in the last quarter. Peregrine Capital Management LLC purchased a new position in shares of Applied Therapeutics during the second quarter worth about $3,414,000. Ally Bridge Group NY LLC purchased a new position in shares of Applied Therapeutics during the third quarter worth about $5,256,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Applied Therapeutics by 165.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 735,217 shares of the company’s stock valued at $6,249,000 after purchasing an additional 457,940 shares during the last quarter. Institutional investors and hedge funds 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.