Applied Therapeutics (APLT) is currently in a bearish price trend, which has persisted for 34 days. The likelihood of this trend continuing is 85%, with 33 days showing a clear bearish movement and only 1 day indicating potential reversals. Given this backdrop, the stock’s recent performance has been quite volatile, with a significant decline in November 2024 following the receipt of a Complete Response Letter (CRL) from the FDA regarding its lead drug candidate, govorestat1.
Despite the negative sentiment, forecasts for APLT suggest a potential price uptick in the near term. The stock is currently positioned between narrow and wide support levels, with a forecasted mean price trend pointing to $0.85 by January 7, 2025. Analysts have set a target price of $5.58, with a consensus rating of "Neutral" as of October 1, 20242.
In conclusion, while short-term forecasts for APLT show a slight uptick, the overall trend remains bearish, and investors should exercise caution. The potential for recovery will largely depend on the company's ability to address the FDA's concerns and move forward with its drug development.
12/30/2024 03:45pm
