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

First Light Asset Management LLC lifted its stake in Apogee Therapeutics Inc. (NASDAQ:APGE) by 61.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 930,289 shares of the company’s stock after acquiring an additional 353,605 shares during the period. Apogee Therapeutics accounts for approximately 7.5% of First Light Asset Management LLC’s holdings, making the stock its 4th biggest position. First Light Asset Management LLC owned approximately 1.50% of Apogee Therapeutics worth $123,477,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in APGE. GAMMA Investing LLC raised its holdings in Apogee Therapeutics by 40.5% during the second quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock worth $41,000 after purchasing an additional 89 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in Apogee Therapeutics by 2.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 7,151 shares of the company’s stock worth $540,000 after purchasing an additional 152 shares during the period. Seven Fleet Capital Management LP boosted its stake in Apogee Therapeutics by 9.4% during the 1st quarter. Seven Fleet Capital Management LP now owns 1,969 shares of the company’s stock valued at $166,000 after purchasing an additional 169 shares in the last quarter. Stifel Financial Corp increased its position in shares of Apogee Therapeutics by 3.5% during the 4th quarter. Stifel Financial Corp now owns 5,214 shares of the company’s stock valued at $394,000 after purchasing an additional 175 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Apogee Therapeutics by 61.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after purchasing an additional 246 shares during the period. 79.04% of the stock is currently owned by institutional investors.

Apogee Therapeutics Price Performance

APGE opened at $135.07 on Thursday. The firm has a market cap of $8.40 billion, a PE ratio of -31.12 and a beta of 0.33. The business has a fifty day simple moving average of $134.37 and a 200-day simple moving average of $102.58. Apogee Therapeutics Inc. has a fifty-two week low of $35.39 and a fifty-two week high of $135.09.

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). On average, equities research analysts anticipate that Apogee Therapeutics Inc. will post -4.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. TD Cowen lowered Apogee Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Craig Hallum set a $135.11 target price on Apogee Therapeutics and gave the stock a “hold” rating in a report on Monday, June 22nd. Citigroup cut shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $125.00 to $135.00 in a research report on Tuesday, June 23rd. Truist Financial raised their price objective on shares of Apogee Therapeutics from $81.00 to $135.00 and gave the company a “hold” rating in a research report on Thursday, August 13th. Finally, Canaccord Genuity Group cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $126.77.

Insider Transactions at Apogee Therapeutics

In other Apogee Therapeutics news, CEO Michael Henderson sold 80,000 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the sale, the chief executive officer owned 1,015,987 shares in the company, valued at approximately $134,658,916.98. The trade was a 7.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the sale, the insider directly owned 179,248 shares of the company’s stock, valued at $23,768,284.80. This represents a 12.84% 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. Insiders sold a total of 137,400 shares of company stock worth $18,244,445 in the last three months. 24.30% of the stock is currently owned by company insiders.

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.