Apogee Therapeutics (NASDAQ:APGE) Issues Quarterly Earnings Results

Apogee Therapeutics (NASDAQ:APGE) posted its quarterly earnings data on Monday. The company reported ($2.07) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($1.00), reports.

Apogee Therapeutics Price Performance

Apogee Therapeutics stock opened at $134.84 on Monday. The firm has a market capitalization of $8.34 billion, a PE ratio of -31.14 and a beta of 0.35. The company’s 50-day moving average is $119.35 and its 200-day moving average is $91.96. Apogee Therapeutics has a fifty-two week low of $34.34 and a fifty-two week high of $134.88.

Insider Activity

In related news, insider Carl Dambkowski sold 5,500 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $134.17, for a total value of $737,935.00. Following the completion of the sale, the insider directly owned 168,498 shares in the company, valued at approximately $22,607,376.66. This trade represents a 3.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 Apogee Therapeutics stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total value of $2,672,600.00. Following the transaction, the chief executive officer owned 995,987 shares of the company’s stock, valued at $133,093,742.81. The trade was a 1.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 182,900 shares of company stock valued at $21,986,750 over the last quarter. 24.30% of the stock is currently owned by company insiders.

Institutional Trading of Apogee Therapeutics

A number of hedge funds have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. boosted its stake in shares of Apogee Therapeutics by 189,522.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock worth $206,246,000 after acquiring an additional 2,731,015 shares during the period. Invesco Ltd. raised its stake in Apogee Therapeutics by 142.6% in the 4th quarter. Invesco Ltd. now owns 70,687 shares of the company’s stock valued at $5,335,000 after acquiring an additional 41,549 shares during the period. Vident Advisory LLC bought a new stake in Apogee Therapeutics in the 4th quarter valued at $218,000. XTX Topco Ltd raised its stake in Apogee Therapeutics by 225.1% in the 4th quarter. XTX Topco Ltd now owns 19,026 shares of the company’s stock valued at $1,436,000 after acquiring an additional 13,174 shares during the period. Finally, Vestal Point Capital LP lifted its holdings in Apogee Therapeutics by 29.4% during the 4th quarter. Vestal Point Capital LP now owns 550,000 shares of the company’s stock valued at $41,514,000 after purchasing an additional 125,000 shares during the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APGE has been the topic of a number of recent research reports. Guggenheim downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 23rd. Stifel Nicolaus restated a “hold” rating and issued a $135.00 price target (up from $133.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. Canaccord Genuity Group lowered Apogee Therapeutics from a “buy” rating to a “hold” rating and boosted their price target for the stock from $130.00 to $135.11 in a research report on Monday, June 22nd. Craig Hallum set a $135.11 price objective on Apogee Therapeutics and gave the stock a “hold” rating in a research note on Monday, June 22nd. Finally, UBS Group downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the company from $100.00 to $135.11 in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $121.25.

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.