Shares of Applied Therapeutics (NASDAQ: APLT) have been downgraded from an outperform to a neutral rating by Robert W. Baird in a report released on Friday, indicating a shift in market sentiment regarding the company’s stock performance. This decision reflects a broader reassessment by various investment firms, with several analysts recently revising their ratings for the company.
On December 3, Leerink Partners reissued a “market perform” rating and adjusted its price target for Applied Therapeutics from $2.00 to $1.00. Similarly, Weiss Ratings reiterated a “sell (d-)” rating on December 8. This downgrade followed a previous reduction by Leerink Partners, which changed its rating from “strong-buy” to “hold” the same day. Collectively, these adjustments have led to a consensus rating of “Reduce” among analysts, with an average price target of $1.25 for the stock.
Current Stock Performance and Financial Overview
As of Friday, shares of Applied Therapeutics opened at $0.12. The company’s market capitalization stands at approximately $16.93 million, with a price-to-earnings ratio of -1.17 and a beta of 2.00. Over the past year, Applied Therapeutics has experienced considerable volatility, with a 52-week low of $0.11 and a high of $1.50. The stock has a fifty-day moving average of $0.74 and a 200-day moving average of $0.55.
In its latest quarterly earnings report, released on November 13, 2023, Applied Therapeutics reported earnings per share of ($0.13), surpassing analysts’ expectations of ($0.15) by $0.02. The firm generated revenue of $1.00 million for the quarter, significantly exceeding the anticipated $0.25 million. Analysts project that the company will post an earnings per share of ($0.65) for the current fiscal year.
Institutional Investment Activity
Recent changes in institutional ownership reflect a dynamic investment landscape for Applied Therapeutics. Notably, CreativeOne Wealth LLC increased its stake in the company by 132.2% during the first quarter, now holding 50,413 shares valued at about $25,000. Additionally, Virtu Financial LLC acquired a new stake valued at $31,000 in the third quarter, while HighTower Advisors LLC purchased shares worth approximately $59,000 in the same period.
Other significant investments include Scientech Research LLC, which acquired a position valued at about $64,000, and Birchview Capital LP, which invested approximately $87,000 in the second quarter. Currently, institutional investors hold 98.31% of the company’s stock, indicating strong institutional support despite the recent downgrades.
About Applied Therapeutics
Applied Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for conditions with high unmet medical needs in the United States. The company’s flagship product candidate, AT-007 (also known as govorestat), has completed Phase 3 trials for treating galactosemia in adult participants and is currently undergoing evaluation in pediatric studies.
As the market continues to react to these developments, investors will be closely monitoring Applied Therapeutics’ performance and the implications of these recent rating changes.
