Sofinnova Investments Inc. Cuts Position in Apogee Therapeutics Inc. $APGE

Sofinnova Investments Inc. reduced its stake in Apogee Therapeutics Inc. (NASDAQ:APGE) by 5.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 534,845 shares of the company’s stock after selling 30,572 shares during the period. Apogee Therapeutics accounts for about 1.6% of Sofinnova Investments Inc.’s holdings, making the stock its 17th biggest position. Sofinnova Investments Inc. owned 0.78% of Apogee Therapeutics worth $40,370,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Public Employees Retirement Association of Colorado purchased a new position in Apogee Therapeutics in the fourth quarter valued at approximately $371,000. Mariner LLC increased its stake in Apogee Therapeutics by 54.9% in the fourth quarter. Mariner LLC now owns 9,101 shares of the company’s stock valued at $687,000 after purchasing an additional 3,224 shares during the last quarter. Nicholas Investment Partners LP purchased a new position in Apogee Therapeutics in the fourth quarter valued at approximately $8,524,000. First Turn Management LLC increased its stake in Apogee Therapeutics by 17.9% in the fourth quarter. First Turn Management LLC now owns 474,839 shares of the company’s stock valued at $35,841,000 after purchasing an additional 72,028 shares during the last quarter. Finally, Kennedy Capital Management LLC increased its stake in Apogee Therapeutics by 0.7% in the fourth quarter. Kennedy Capital Management LLC now owns 124,979 shares of the company’s stock valued at $9,433,000 after purchasing an additional 928 shares during the last quarter. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $82.58, for a total value of $1,651,600.00. Following the transaction, the chief executive officer directly owned 1,132,987 shares in the company, valued at $93,562,066.46. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $78.71, for a total transaction of $432,905.00. Following the completion of the transaction, the insider owned 205,648 shares in the company, valued at approximately $16,186,554.08. This trade represents a 2.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 76,500 shares of company stock worth $6,323,295. 24.30% of the stock is currently owned by insiders.

Apogee Therapeutics Trading Down 2.4%

Shares of APGE opened at $86.19 on Tuesday. The firm has a market cap of $5.34 billion, a PE ratio of -19.91 and a beta of 0.62. The company’s 50 day simple moving average is $84.50 and its 200-day simple moving average is $77.50. Apogee Therapeutics Inc. has a 12-month low of $34.34 and a 12-month high of $95.32.

Apogee Therapeutics (NASDAQ:APGE) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, topping the consensus estimate of ($1.07) by $0.01. As a group, equities research analysts forecast that Apogee Therapeutics Inc. will post -4.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Royal Bank Of Canada increased their price target on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Monday, June 8th. Rothschild & Co Redburn assumed coverage on shares of Apogee Therapeutics in a research note on Friday, May 1st. They issued a “buy” rating and a $140.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Apogee Therapeutics in a research note on Monday, April 20th. Canaccord Genuity Group increased their price target on shares of Apogee Therapeutics from $89.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Finally, Mizuho increased their price target on shares of Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $114.56.

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.