Citigroup Issues Pessimistic Forecast for Applied Therapeutics (NASDAQ:APLT) Stock Price

Applied Therapeutics (NASDAQ:APLT) had its price target lowered by analysts at Citigroup from $13.00 to $8.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 294.09% from the company’s current price.

APLT has been the topic of several other reports. Robert W. Baird cut their target price on Applied Therapeutics from $14.00 to $5.00 and set an “outperform” rating on the stock in a research note on Friday. Leerink Partners lifted their price objective on Applied Therapeutics from $11.00 to $14.00 and gave the stock an “outperform” 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 decreased their target price for the company from $12.00 to $4.00 in a report on Friday. Finally, William Blair raised Applied Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.80.

Applied Therapeutics Stock Down 76.3 %

Applied Therapeutics stock opened at $2.03 on Friday. The stock has a market cap of $236.20 million, a P/E ratio of -1.26 and a beta of 2.01. Applied Therapeutics has a 52 week low of $1.85 and a 52 week high of $10.62. The company’s 50 day moving average price is $8.71 and its two-hundred day moving average price is $6.45.

Institutional Inflows and Outflows

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