Apogee Therapeutics Inc. $APGE Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) by 16.6% in the 1st quarter, Holdings Channel reports. The institutional investor owned 261,050 shares of the company’s stock after selling 51,833 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Apogee Therapeutics were worth $21,973,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in APGE. T. Rowe Price Investment Management Inc. raised its position in shares of Apogee Therapeutics by 189,522.2% in 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 buying an additional 2,731,015 shares during the period. Janus Henderson Group PLC grew its position in 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 acquiring an additional 1,576,626 shares during the period. Perceptive Advisors LLC grew its position in Apogee Therapeutics by 72.4% during the fourth quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock valued at $175,918,000 after acquiring an additional 978,662 shares during the period. Wellington Management Group LLP increased its stake in Apogee Therapeutics by 24.1% during the third quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company’s stock worth $187,673,000 after acquiring an additional 917,991 shares during the last quarter. Finally, UBS Group AG raised its holdings in shares of Apogee Therapeutics by 646.1% in the 3rd quarter. UBS Group AG now owns 799,465 shares of the company’s stock worth $31,763,000 after purchasing an additional 692,308 shares during the period. 79.04% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on APGE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Apogee Therapeutics in a research note on Monday, April 20th. Citigroup lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the company from $125.00 to $135.00 in a report on Tuesday, June 23rd. UBS Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $100.00 to $135.11 in a research note on Tuesday, June 23rd. Stifel Nicolaus reissued a “hold” rating and issued a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada raised their target price 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. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $121.25.

Insider Transactions at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 26,400 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the completion of the sale, the insider directly owned 179,248 shares in the company, valued at $23,768,284.80. This trade represents a 12.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total value of $10,603,200.00. Following the transaction, the chief executive officer owned 1,015,987 shares of the company’s stock, valued at approximately $134,658,916.98. This trade represents a 7.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 177,400 shares of company stock valued at $19,960,515. 24.30% of the stock is currently owned by corporate insiders.

Apogee Therapeutics Stock Performance

Shares of NASDAQ:APGE opened at $132.77 on Thursday. The company has a market cap of $8.22 billion, a P/E ratio of -30.66 and a beta of 0.31. Apogee Therapeutics Inc. has a one year low of $34.34 and a one year high of $133.16. The business’s 50-day simple moving average is $91.91 and its 200 day simple moving average is $81.27.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.07) by $0.01. Analysts predict that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current year.

Apogee Therapeutics 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.