Apogee Therapeutics (NASDAQ:APGE) Trading Down 6.5% – What’s Next?

Apogee Therapeutics Inc. (NASDAQ:APGE) was down 6.5% during trading on Tuesday . The company traded as low as $74.21 and last traded at $74.0620. Approximately 344,728 shares traded hands during trading, a decline of 66% from the average daily volume of 1,014,072 shares. The stock had previously closed at $79.24.

Wall Street Analyst Weigh In

APGE has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Apogee Therapeutics in a report on Wednesday, January 21st. Royal Bank Of Canada reduced their price target on shares of Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating on the stock in a research report on Monday, March 2nd. Craig Hallum reiterated a “buy” rating and issued a $116.00 price target on shares of Apogee Therapeutics in a research note on Wednesday, January 7th. Wall Street Zen lowered Apogee Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. Finally, Citigroup increased their target price on Apogee Therapeutics from $95.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Apogee Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $110.43.

Apogee Therapeutics Trading Up 7.6%

The firm has a market cap of $5.46 billion, a price-to-earnings ratio of -18.61 and a beta of 1.39. The stock has a 50-day moving average of $71.09 and a 200-day moving average of $64.05.

Apogee Therapeutics (NASDAQ:APGE) last issued its earnings results on Monday, March 2nd. The company reported ($1.03) earnings per share for the quarter, topping the consensus estimate of ($1.05) by $0.02. As a group, research analysts expect that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Activity at Apogee Therapeutics

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $74.78, for a total value of $1,495,600.00. Following the completion of the transaction, the chief executive officer owned 1,152,987 shares in the company, valued at approximately $86,220,367.86. This represents a 1.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Fairmount Funds Management Llc sold 1,750,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the completion of the sale, the director owned 298,647 shares in the company, valued at $22,786,766.10. The trade was a 85.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,839,700 shares of company stock worth $140,118,083 in the last ninety days. 42.77% of the stock is owned by insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its position in Apogee Therapeutics by 0.5% in the 4th quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company’s stock valued at $358,272,000 after acquiring an additional 22,884 shares during the period. Vanguard Group Inc. boosted its position in Apogee Therapeutics by 27.3% during the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock worth $215,709,000 after acquiring an additional 612,193 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in shares of Apogee Therapeutics by 189,522.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock worth $206,246,000 after purchasing an additional 2,731,015 shares in the last quarter. Perceptive Advisors LLC grew its stake in shares of Apogee Therapeutics by 72.4% in the fourth quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock worth $175,918,000 after purchasing an additional 978,662 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Apogee Therapeutics by 324.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company’s stock valued at $155,697,000 after purchasing an additional 1,576,626 shares during the period. 79.04% of the stock is currently owned by institutional investors and hedge funds.

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc is a clinical-stage biotechnology company dedicated to the discovery and development of novel small molecule therapeutics that selectively target the nuclear receptor RORγt, a master regulator of T cell-driven inflammatory pathways. By modulating RORγt activity, Apogee aims to offer an oral treatment option for patients with autoimmune and inflammatory skin disorders.

The company’s lead candidate, APG-157, is an oral RORγt inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.