Applied Therapeutics, Inc. (NASDAQ:APLT) reported that its Chief Medical Officer, Riccardo Perfetti, has sold a total of 110,804 shares of company stock. The transaction, dated March 14, 2024, resulted in proceeds exceeding $597,000, with shares sold at a weighted average price of $5.39.
The sale was executed in multiple transactions with prices ranging from $5.37 to $5.54. According to the footnotes in the filing, the shares were sold to cover tax withholding obligations related to the vesting and settlement of compensatory Restricted Stock Units. It's a common practice for executives to sell shares in this manner, and it is noted that this does not represent a discretionary trade by Perfetti.
Following the transaction, Perfetti still holds 1,031,537 shares of Applied Therapeutics, indicating a continued significant investment in the company. Investors often monitor such filings for insights into executive confidence in the company's prospects, although sales for tax purposes are typically not indicative of such sentiment.
Applied Therapeutics, based in New York, specializes in the pharmaceutical preparations industry. The company's business address is listed at 545 Fifth Avenue, Suite 1400, New York, NY.
InvestingPro Insights
As investors digest the news of Riccardo Perfetti's sale of Applied Therapeutics shares, it's crucial to consider the broader financial context in which the company operates. Applied Therapeutics, with a market capitalization of approximately $631.09 million USD, has been navigating a challenging financial landscape. According to InvestingPro data, the company has not been profitable over the last twelve months, as evidenced by a negative price-to-earnings (P/E) ratio of -5.27 for the same period. This aligns with an InvestingPro Tip highlighting that analysts do not expect the company to be profitable this year.
Moreover, the company's gross profit margin stands at a concerning -439.43% for the last twelve months as of Q4 2023. This aligns with another InvestingPro Tip that points out the company's weak gross profit margins. Despite these challenges, the company has experienced a strong return over the last three months, with a 103.38% price total return. Additionally, the six-month price total return has been remarkable at 204.04%, signaling significant investor interest and a large price uptick in the company's shares.
For those looking to delve deeper into Applied Therapeutics' financial health and explore more insights, InvestingPro offers additional tips. In fact, there are 11 more InvestingPro Tips available which could provide a more comprehensive view of the company's performance and potential investment opportunities. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to these valuable insights.
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