1. Applied Therapeutics, Inc. (NASDAQ:APLT)
Number of Hedge Fund Holders: 30
Applied Therapeutics, Inc. (NASDAQ:APLT) tops the list for being the best biotech stock to buy now and focuses on developing novel therapies for rare central nervous system diseases and diabetic complications. Applied Therapeutics has made significant strides in its drug development pipeline, particularly with its lead candidate AT-007. The company recently reported stellar results from a phase 2 study, which has generated considerable excitement among investors. This positive outcome has positioned Applied Therapeutics as one of the top biotech stocks to watch in the current market.
Based on research conducted over the last three months by three Wall Street analysts, Applied Therapeutics is rated as a Strong Buy. With a high estimate of $14.00 and a low estimate of $11.00, the average 12-month price goal is $12.33. This implies that its current market price of $4.60 may see a gain of up to 168.04%. In Q1 2024, 30 hedge fund holders held positions in the company, up from 25 in the previous quarter. Perceptive Advisors held the largest position in the company with 8,005,000 shares worth $54,434,000, comprising 0.94% of the company’s total portfolio.
As of March 31, 2024, Applied Therapeutics, Inc. (NASDAQ:APLT) reported cash, cash equivalents, and short-term investments of $146.5 million which is a significant increase from $49.9 million at the end of 2023. Research and development expenses for Q1 2024 totaled $12.2 million, down from $15.9 million in Q1 2023 which is primarily due to reduced costs related to CROs and drug manufacturing, partially offset by higher regulatory and personnel expenses. The company reported a net loss of $83.9 million, or $0.67 per share, for Q1 2024, compared to a net loss of $10.1 million, or $0.18 per share, in Q1 2023.
Overall, Applied Therapeutics ranks first among the best biotech penny stocks to buy now. You can visit 10 Best Biotech Penny Stocks to Buy Now to see the trending biotech stocks that are on the hedge fund radar. While we acknowledge the potential of biotech companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than Applied Therapeutics but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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