William Blair analyst Sami Corwin has maintained their neutral stance on APLT stock, giving a Hold rating on December 3.
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Sami Corwin has given his Hold rating due to a combination of factors surrounding the recent acquisition agreement of Applied Therapeutics by Cycle Group Holdings Limited. The acquisition, valued at $0.088 per share in cash, includes contingent value rights (CVRs) that offer potential additional payments based on future FDA approvals and sales milestones. This transaction, expected to close in the first quarter of 2026, was unanimously approved by Applied’s board after evaluating strategic alternatives.
Corwin’s Hold rating reflects the uncertainty and potential upside associated with the CVRs, which depend on significant regulatory and commercial achievements. While the acquisition could provide a fresh start for Applied’s key asset, govorestat, the company’s current financial position and inability to independently advance the asset to commercialization contribute to the cautious outlook. The Hold rating suggests a wait-and-see approach as the market assesses the likelihood of these milestones being met and the impact on shareholder value.
In another report released on December 3, Leerink Partners also downgraded the stock to a Hold with a $1.00 price target.