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

Applied Therapeutics, Inc. (NASDAQ:APLT)’s stock price gapped up before the market opened 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 traded.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on APLT. William Blair raised shares of Applied Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. Royal Bank of Canada reissued an “outperform” rating and set a $12.00 price target on shares of Applied Therapeutics in a research report on Wednesday, July 17th. Finally, Citigroup raised their price objective on Applied Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Applied Therapeutics has a consensus rating of “Buy” and a consensus target price of $11.25.

Applied Therapeutics Trading Up 58.7 %

The stock has a market capitalization of $843.29 million, a PE ratio of -4.22 and a beta of 2.03. The business’s 50-day moving average is $5.66 and its two-hundred day moving average is $5.29.

Applied Therapeutics (NASDAQ:APLT) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.03). The business had revenue of $0.14 million during the quarter, compared to the consensus estimate of $10.00 million. On average, analysts predict that Applied Therapeutics, Inc. will post -0.48 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Shoshana Shendelman sold 119,591 shares of Applied Therapeutics stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $5.93, for a total transaction of $709,174.63. Following the sale, the chief executive officer now owns 4,690,839 shares in the company, valued at $27,816,675.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of APLT. Principal Financial Group Inc. purchased a new stake in Applied Therapeutics during the 2nd quarter worth approximately $54,000. Victory Capital Management Inc. bought a new stake in shares of Applied Therapeutics in the second quarter worth $54,000. Jump Financial LLC acquired a new stake in Applied Therapeutics in the fourth quarter valued at $81,000. SG Americas Securities LLC bought a new position in Applied Therapeutics during the 2nd quarter valued at $87,000. Finally, Algert Global LLC bought a new position in Applied Therapeutics during the 2nd quarter valued at $110,000. 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.