Short Interest in Applied Therapeutics, Inc. (NASDAQ:APLT) Increases by 28%

Applied Therapeutics, Inc. (NASDAQ:APLT) has seen a notable rise in short interest during December. As reported on December 15th, the total short interest reached 18,150,000 shares, marking a substantial increase of 28.0% from the 14,180,000 shares noted on November 30th. With an average daily trading volume of 5,110,000 shares, this results in a days-to-cover ratio of approximately 3.6 days.

Recent Analyst Ratings

Several analysts have recently provided updates on Applied Therapeutics stock. Citigroup downgraded their price target from $13.00 to $8.00 while maintaining a "buy" rating on the stock as of November 29th. The Royal Bank of Canada also lowered their price target from $4.00 to $1.50, assigning a "sector perform" rating on December 20th. In contrast, Leerink Partners increased their price target from $11.00 to $14.00, giving an "outperform" rating on September 19th. Furthermore, UBS Group reaffirmed a "neutral" rating while lowering their target price from $13.00 to $2.00 on December 2nd. William Blair also adjusted their rating from "outperform" to "market perform" on December 23rd. Currently, three analysts rate the stock as a hold, while four recommend a buy, resulting in an average consensus rating of "Moderate Buy" and an average target price of $6.10 according to data from MarketBeat.

Stock Performance

The stock of Applied Therapeutics was trading at $0.81 on the latest report. With a current market capitalization of $94.25 million, the company has a price-to-earnings (P/E) ratio of -0.50 and a beta of 1.76. Over the past year, the stock has seen a low of $0.77 and a high of $10.62, with 50-day and 200-day moving averages registering at $5.66 and $5.97, respectively.

Institutional Investment Trends

A variety of hedge funds and institutional investors have made adjustments to their stakes in Applied Therapeutics. For instance, Victory Capital Management Inc. acquired a stake valued at approximately $54,000 during the second quarter. Principal Financial Group Inc. also invested about $54,000 in the same period. In the third quarter, Y Intercept Hong Kong Ltd gained a position worth around $149,000, while Intech Investment Management LLC invested approximately $162,000. Algert Global LLC also entered the stock during the second quarter with a stake valued at about $110,000. Institutional investors now hold approximately 98.31% of the stock.

Company Overview

Applied Therapeutics, Inc. is a clinical-stage biopharmaceutical firm focused on developing innovative products targeting significant unmet medical needs in the United States. Their leading candidate, AT-007 (also known as govorestat), has completed phase 3 trials for treating galactosemia in both healthy adults and children, as well as for enzyme sorbitol dehydrogenase and phosphomannomutase enzyme-CDG.

Additional Insights

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