Apogee Therapeutics (NASDAQ:APGE) Shares Down 4.6% – Here’s Why

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price traded down 4.6% during mid-day trading on Thursday . The company traded as low as $38.06 and last traded at $38.60. 257,177 shares were traded during trading, a decline of 50% from the average session volume of 513,198 shares. The stock had previously closed at $40.46.

Analysts Set New Price Targets

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

Apogee Therapeutics Price Performance

The company has a market capitalization of $1.68 billion, a PE ratio of -15.39 and a beta of 2.26. The company’s fifty day moving average is $47.37 and its 200-day moving average is $49.02.

Insider Transactions at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 6,665 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $59.12, for a total value of $394,034.80. Following the completion of the sale, the insider now directly owns 267,463 shares in the company, valued at $15,812,412.56. This trade represents a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Thomas Henderson sold 15,000 shares of the firm’s 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 directly 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,955 shares of company stock valued at $3,433,962. Corporate insiders own 36.10% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its holdings in shares of Apogee Therapeutics by 35.7% during the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock valued at $282,798,000 after buying an additional 1,267,451 shares during the last quarter. Driehaus Capital Management LLC increased its stake in shares of Apogee Therapeutics by 2.6% during the second quarter. Driehaus Capital Management LLC now owns 2,117,870 shares of the company’s stock worth $83,338,000 after purchasing an additional 54,107 shares in the last quarter. Perceptive Advisors LLC boosted its stake in shares of Apogee Therapeutics by 2.2% in the second quarter. Perceptive Advisors LLC now owns 2,105,636 shares of the company’s stock worth $82,857,000 after acquiring an additional 45,241 shares during the last quarter. Affinity Asset Advisors LLC grew its holdings in shares of Apogee Therapeutics by 41.2% during the second quarter. Affinity Asset Advisors LLC now owns 836,283 shares of the company’s stock worth $32,908,000 after buying an additional 244,190 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Apogee Therapeutics by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock worth $48,401,000 after purchasing an additional 82,978 shares during the last quarter. 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.