Jennison Associates LLC Increases Stock Position in Apogee Therapeutics Inc. $APGE

Jennison Associates LLC raised its stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) by 1.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 585,016 shares of the company’s stock after purchasing an additional 6,389 shares during the period. Jennison Associates LLC owned 0.95% of Apogee Therapeutics worth $49,241,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. bought a new stake in shares of Apogee Therapeutics in the fourth quarter worth about $25,000. Los Angeles Capital Management LLC bought a new position in Apogee Therapeutics during the fourth quarter valued at approximately $37,000. Quantbot Technologies LP bought a new position in Apogee Therapeutics during the third quarter valued at approximately $96,000. Seven Fleet Capital Management LP purchased a new position in Apogee Therapeutics during the 4th quarter valued at approximately $136,000. Finally, BNP Paribas Financial Markets grew its holdings in Apogee Therapeutics by 34.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,649 shares of the company’s stock valued at $158,000 after buying an additional 941 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Insider Activity

In related news, CEO Michael Thomas Henderson sold 80,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the transaction, the chief executive officer directly owned 1,015,987 shares in the company, valued at approximately $134,658,916.98. This represents a 7.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 182,900 shares of company stock worth $21,711,585 over the last quarter. 24.30% of the stock is currently owned by insiders.

Apogee Therapeutics Stock Up 0.1%

Shares of APGE opened at $134.15 on Tuesday. The company has a market cap of $8.30 billion, a PE ratio of -30.98 and a beta of 0.32. The business has a fifty day moving average of $104.47 and a 200 day moving average of $86.46. Apogee Therapeutics Inc. has a 52-week low of $34.34 and a 52-week high of $134.32.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.01. As a group, research analysts anticipate that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

APGE has been the topic of several recent research reports. Royal Bank Of Canada upped their price objective on Apogee Therapeutics from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Monday, June 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Friday. Guggenheim downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research note 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 report on Wednesday, June 24th. Finally, 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 objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $121.25.

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.