Eventide Asset Management LLC Buys New Position in Apogee Therapeutics Inc. $APGE

Eventide Asset Management LLC bought a new stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) in the fourth quarter, Holdings Channel reports. The firm bought 436,015 shares of the company’s stock, valued at approximately $32,910,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in shares of Apogee Therapeutics by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company’s stock valued at $187,673,000 after buying an additional 917,991 shares during the period. Vanguard Group Inc. boosted its stake in shares of Apogee Therapeutics by 27.3% in the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock valued at $215,709,000 after buying an additional 612,193 shares during the period. State Street Corp boosted its stake in shares of Apogee Therapeutics by 2.1% in the 4th quarter. State Street Corp now owns 1,690,186 shares of the company’s stock valued at $127,575,000 after buying an additional 34,638 shares during the period. Paradigm Biocapital Advisors LP boosted its stake in shares of Apogee Therapeutics by 58.7% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 1,521,757 shares of the company’s stock valued at $60,459,000 after buying an additional 563,127 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of Apogee Therapeutics by 2.2% in the 3rd quarter. Alliancebernstein L.P. now owns 1,419,132 shares of the company’s stock valued at $56,382,000 after buying an additional 30,983 shares during the period. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Stock Down 1.3%

APGE stock opened at $88.33 on Friday. The business has a 50 day moving average price of $84.47 and a 200 day moving average price of $77.33. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of -20.40 and a beta of 0.62. Apogee Therapeutics Inc. has a fifty-two week low of $34.34 and a fifty-two week high of $95.32.

Apogee Therapeutics (NASDAQ:APGE) last posted its 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, sell-side analysts anticipate that Apogee Therapeutics Inc. will post -4.45 EPS for the current year.

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total transaction of $432,905.00. Following the completion of the sale, the insider owned 205,648 shares in the company, valued at $16,186,554.08. The trade was a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $83.38, for a total value of $1,667,600.00. Following the completion of the sale, the chief executive officer owned 1,095,987 shares of the company’s stock, valued at approximately $91,383,396.06. This represents a 1.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 76,500 shares of company stock valued at $6,323,295. 24.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on APGE. Mizuho lifted their price objective on Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Canaccord Genuity Group lifted their price objective on Apogee Therapeutics from $89.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Citigroup lifted their price objective on Apogee Therapeutics from $95.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. BTIG Research reiterated a “buy” rating and issued a $137.00 price objective on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Finally, Truist Financial decreased their price objective on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating for the company in a research note on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Apogee Therapeutics currently has a consensus 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.