Applied Therapeutics initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Applied Therapeutics with an Outperform rating and $12 price target. RBC believes Applied’s lead drug, govorestat, is “well-positioned for success” in the orphan diseases galactosemia and SORD deficiency and the firm sees “ample room for additional appreciation” in the shares given its forecast for $650M-plus in aggregate peak revenue. The firm expects continued upside momentum and sees “a favorable setup into/through upcoming regulatory decisions,” the analyst tells investors.