Harvest Management LLC Buys New Stake in Apogee Therapeutics Inc. $APGE

Harvest Management LLC bought a new stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) during the 2nd quarter, Holdings Channel.com reports. The firm bought 79,000 shares of the company’s stock, valued at approximately $10,486,000. Apogee Therapeutics comprises approximately 4.1% of Harvest Management LLC’s holdings, making the stock its 11th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. TD Asset Management Inc lifted its stake in shares of Apogee Therapeutics by 55.3% during the fourth quarter. TD Asset Management Inc now owns 129,290 shares of the company’s stock worth $9,759,000 after purchasing an additional 46,050 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Apogee Therapeutics by 27.3% in the fourth quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock worth $215,709,000 after buying an additional 612,193 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Apogee Therapeutics by 7.3% in the first quarter. Bank of New York Mellon Corp now owns 126,757 shares of the company’s stock valued at $10,669,000 after buying an additional 8,673 shares in the last quarter. Alberta Investment Management Corp acquired a new stake in shares of Apogee Therapeutics in the second quarter valued at about $9,955,000. Finally, Bank of America Corp DE raised its holdings in shares of Apogee Therapeutics by 13.5% during the 1st quarter. Bank of America Corp DE now owns 900,871 shares of the company’s stock valued at $75,826,000 after buying an additional 107,176 shares during the period. 79.04% of the stock is owned by hedge funds and other institutional investors.

Apogee Therapeutics Price Performance

NASDAQ:APGE opened at $134.97 on Friday. The firm has a 50-day moving average of $133.99 and a two-hundred day moving average of $98.55. The stock has a market cap of $8.40 billion, a P/E ratio of -31.10 and a beta of 0.34. Apogee Therapeutics Inc. has a 1-year low of $35.39 and a 1-year high of $134.99.

Apogee Therapeutics (NASDAQ:APGE) last announced its earnings results on Monday, August 10th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.07). As a group, equities analysts expect that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on APGE shares. Guggenheim lowered Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 23rd. UBS Group downgraded shares of 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 research report on Tuesday, June 23rd. Stifel Nicolaus reiterated a “hold” rating and set a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. Canaccord Genuity Group lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their price objective for the company from $130.00 to $135.11 in a research note on Monday, June 22nd. Finally, Wedbush cut shares of Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 target price on the stock. in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $126.77.

Insider Buying and Selling

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction that occurred on 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 directly owned 995,987 shares of the company’s stock, valued at $133,093,742.81. This represents a 1.97% decrease in their position. The sale was disclosed in a document filed 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 the company’s stock in a transaction that occurred on 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 transaction, the insider directly owned 168,498 shares in the company, valued at approximately $22,607,376.66. The trade was a 3.16% 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. In the last 90 days, insiders have sold 162,900 shares of company stock valued at $20,344,950. 24.30% of the stock is owned by insiders.

About Apogee Therapeutics

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.