Apogee Therapeutics (NASDAQ:APGE) Shares Down 9.1% on Insider Selling

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) traded down 9.1% on Friday after an insider sold shares in the company. The company traded as low as $44.45 and last traded at $44.71. 51,379 shares changed hands during trading, a decline of 82% from the average session volume of 287,248 shares. The stock had previously closed at $49.21.

Specifically, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $48.85, for a total value of $732,750.00. Following the completion of the sale, the chief executive officer now owns 1,309,487 shares of the company’s stock, valued at $63,968,439.95. The trade was a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

Several research firms have commented on APGE. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 target price for the company. Wedbush increased their price target on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Finally, Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $89.71.

Apogee Therapeutics Price Performance

The business’s 50-day simple moving average is $48.43 and its two-hundred day simple moving average is $49.00. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of -16.96 and a beta of 2.26.

Hedge Funds Weigh In On Apogee Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 DIFC Ltd purchased a new position in Apogee Therapeutics in the second quarter valued at about $660,000. Point72 Asset Management L.P. grew its stake in shares of Apogee Therapeutics by 162.7% in the third quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock valued at $41,545,000 after buying an additional 438,036 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Apogee Therapeutics during the 2nd quarter valued at about $706,000. Victory Capital Management Inc. lifted its position in Apogee Therapeutics by 56.8% during the 2nd quarter. Victory Capital Management Inc. now owns 156,266 shares of the company’s stock worth $6,149,000 after acquiring an additional 56,607 shares in the last quarter. Finally, Waypoint Capital Advisors LLC purchased a new position in Apogee Therapeutics in the 3rd quarter worth approximately $36,835,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.