Applied Therapeutics, Inc. (NASDAQ:APLT) Sees Large Drop in Short Interest

Applied Therapeutics, Inc. (NASDAQ:APLT) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 12,140,000 shares, a drop of 16.4% from the October 15th total of 14,530,000 shares. Based on an average daily volume of 2,600,000 shares, the short-interest ratio is currently 4.7 days.

Analyst Ratings Changes

Several brokerages have recently weighed in on APLT. Citigroup increased their price objective on shares of Applied Therapeutics from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. William Blair upgraded shares of Applied Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. 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. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Applied Therapeutics currently has a consensus rating of “Buy” and an average target price of $12.50.

Applied Therapeutics Stock Performance

Shares of NASDAQ APLT traded down $0.32 during midday trading on Friday, reaching $8.69. The stock had a trading volume of 1,861,964 shares, compared to its average volume of 1,837,033. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -5.50 and a beta of 2.01. Applied Therapeutics has a 12-month low of $1.79 and a 12-month high of $10.62. The stock has a 50-day moving average of $8.13 and a 200-day moving average of $6.13.

Institutional Investors Weigh In On Applied Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. purchased a new stake in Applied Therapeutics during the 2nd quarter valued at approximately $54,000. Principal Financial Group Inc. purchased a new stake in Applied Therapeutics in the 2nd quarter worth $54,000. SG Americas Securities LLC purchased a new stake in Applied Therapeutics in the 2nd quarter worth $87,000. Intech Investment Management LLC purchased a new position in shares of Applied Therapeutics during the third quarter valued at about $162,000. Finally, Algert Global LLC bought a new stake in shares of Applied Therapeutics in the second quarter worth about $110,000. Hedge funds and other institutional investors 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.