In a recent transaction, Alexandria Real Estate Equities , Inc. has sold a significant portion of its holdings in Applied Therapeutics, Inc. (NASDAQ:APLT), a pharmaceutical company. The real estate investment trust, which specializes in properties for the life science and technology industries, divested a total of 300,000 shares. The sales occurred over two consecutive days, with 150,000 shares sold each day.
On the first day of transactions, shares were sold at an average price of $4.21, while the following day saw an average sale price of $4.24 per share. The prices for these shares varied, ranging from $4.12 to $4.32 on the first day and $4.10 to $4.40 on the second day. The total proceeds from these sales amounted to approximately $1.27 million.
The shares were held indirectly by Alexandria Real Estate Equities, Inc. through its subsidiary, Alexandria Venture Investments, LLC, which is affiliated with Alexandria Equities (NYSE:ARE) No. 7, LLC. Following these transactions, the total ownership in Applied Therapeutics by the Alexandria entities has been adjusted, reflecting the latest sales.
Investors and the market have been notified of these transactions through a Form 4 filing with the Securities and Exchange Commission. As is customary, detailed information regarding the exact number of shares sold at each price point within the reported range will be provided upon request to the SEC, the issuer, or any security holder of the issuer.
The sale of these shares by Alexandria Real Estate Equities, Inc. represents a change in its investment portfolio, specifically regarding its stake in Applied Therapeutics, Inc. The company continues to hold a significant number of shares in the pharmaceutical company, maintaining a substantial interest post-transaction.
In other recent news, Applied Therapeutics has seen several developments. The company announced the appointment of Dale Hooks as the new Chief Commercial Officer, bringing in his extensive experience in the biopharmaceutical industry. Hooks' appointment comes as Applied Therapeutics anticipates the potential approval and launch of its lead drug candidate, govorestat.
The company also revealed comprehensive results from its Phase 3 ARISE-HF study, which evaluated AT-001, an investigational treatment for Diabetic Cardiomyopathy. The study showed AT-001 significantly prevented the progression to overt heart failure compared to a placebo in patients with Diabetic Cardiomyopathy.
Meanwhile, the FDA extended its review of Applied Therapeutics' New Drug Application for govorestat, a treatment for Classic Galactosemia, by three months. The company remains confident in the potential approval of govorestat despite the delay.
In the realm of financial analysis, RBC Capital Markets initiated coverage on shares of Applied Therapeutics, bestowing an Outperform rating. The firm's confidence is rooted in the potential success of govorestat, which targets orphan diseases such as galactosemia and SORD deficiency. RBC Capital anticipates further growth potential for Applied Therapeutics, supported by the substantial revenue opportunity estimated to exceed $650 million at peak sales for govorestat. These are the recent developments for Applied Therapeutics.
InvestingPro Insights
In the context of Alexandria Real Estate Equities, Inc.'s recent sale of Applied Therapeutics, Inc. (NASDAQ:APLT) shares, a deeper dive into the pharmaceutical company's financials and stock performance provides a broader perspective for investors. According to real-time data from InvestingPro, Applied Therapeutics holds a market capitalization of $512.49 million, which is a valuable piece of information for investors gauging the size and scale of the company within the industry.
One of the key InvestingPro Tips highlights that Applied Therapeutics is currently trading at a high Price / Book multiple of 7.49 as of the last twelve months leading up to Q1 2024. This metric suggests that the market values the company's assets at a premium, which could be a point of interest for investors considering the company's intrinsic value. Additionally, the tip regarding the company's high return over the last year, with a one-year price total return of 206.46%, indicates that the stock has experienced significant appreciation, which could be a factor for Alexandria Real Estate Equities when deciding to capitalize on their investment.
Moreover, the InvestingPro platform offers a plethora of additional insights, with over 9 additional InvestingPro Tips available for Applied Therapeutics. These tips include crucial information such as analysts' earnings revisions and expectations for the company's profitability. For investors looking to make informed decisions, accessing these additional tips could be highly beneficial. To explore these insights further, investors can visit the dedicated page for Applied Therapeutics on InvestingPro and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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