First Light Asset Management LLC Boosts Holdings in Apogee Therapeutics Inc. $APGE

First Light Asset Management LLC increased its holdings in Apogee Therapeutics Inc. (NASDAQ:APGE) by 102.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 576,684 shares of the company’s stock after buying an additional 291,693 shares during the period. Apogee Therapeutics accounts for 4.3% of First Light Asset Management LLC’s investment portfolio, making the stock its 6th biggest position. First Light Asset Management LLC’s holdings in Apogee Therapeutics were worth $48,539,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Apogee Therapeutics by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company’s stock worth $921,000 after acquiring an additional 694 shares in the last quarter. Millennium Management LLC grew its position in shares of Apogee Therapeutics by 100.0% in the first quarter. Millennium Management LLC now owns 260,335 shares of the company’s stock valued at $9,726,000 after purchasing an additional 130,164 shares in the last quarter. Creative Planning purchased a new position in shares of Apogee Therapeutics in the second quarter valued at $392,000. Legal & General Group Plc raised its stake in shares of Apogee Therapeutics by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 27,689 shares of the company’s stock valued at $1,203,000 after purchasing an additional 1,907 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Apogee Therapeutics by 10,570.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company’s stock worth $945,000 after purchasing an additional 21,564 shares in the last quarter. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $132.74, for a total transaction of $730,070.00. Following the transaction, the insider directly owned 177,873 shares in the company, valued at $23,610,862.02. This trade represents a 3.00% 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 20,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total transaction of $2,672,600.00. Following the transaction, the chief executive officer directly owned 995,987 shares in the company, valued at $133,093,742.81. This trade represents a 1.97% 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 quarter, insiders have sold 182,900 shares of company stock valued at $21,711,585. 24.30% of the stock is currently owned by company insiders.

Apogee Therapeutics Price Performance

Apogee Therapeutics stock opened at $134.28 on Monday. Apogee Therapeutics Inc. has a 52 week low of $34.34 and a 52 week high of $134.40. The business has a 50-day simple moving average of $108.57 and a 200 day simple moving average of $88.09. The stock has a market cap of $8.31 billion, a price-to-earnings ratio of -31.01 and a beta of 0.32.

Apogee Therapeutics (NASDAQ:APGE) last announced its 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. On average, research analysts anticipate that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Wedbush lowered Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 target price for the company. in a report on Monday, June 22nd. Rothschild & Co Redburn assumed coverage on shares of Apogee Therapeutics in a report on Friday, May 1st. They issued a “buy” rating and a $140.00 price target on the stock. TD Cowen lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Guggenheim cut shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 23rd. Finally, Truist Financial decreased their target price on shares of Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average 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.