Sofinnova Investments Inc. Lowers Holdings in Apogee Therapeutics Inc. $APGE

Sofinnova Investments Inc. trimmed its position in Apogee Therapeutics Inc. (NASDAQ:APGE) by 5.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 534,845 shares of the company’s stock after selling 30,572 shares during the period. Apogee Therapeutics makes up about 1.6% of Sofinnova Investments Inc.’s holdings, making the stock its 17th biggest position. Sofinnova Investments Inc.’s holdings in Apogee Therapeutics were worth $40,370,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement Association of Colorado purchased a new position in Apogee Therapeutics in the 4th quarter valued at $371,000. Mariner LLC lifted its holdings in Apogee Therapeutics by 54.9% in the fourth quarter. Mariner LLC now owns 9,101 shares of the company’s stock valued at $687,000 after acquiring an additional 3,224 shares during the period. Nicholas Investment Partners LP acquired a new stake in Apogee Therapeutics in the fourth quarter valued at $8,524,000. First Turn Management LLC lifted its holdings in Apogee Therapeutics by 17.9% in the fourth quarter. First Turn Management LLC now owns 474,839 shares of the company’s stock valued at $35,841,000 after acquiring an additional 72,028 shares during the period. Finally, Kennedy Capital Management LLC lifted its holdings in Apogee Therapeutics by 0.7% in the fourth quarter. Kennedy Capital Management LLC now owns 124,979 shares of the company’s stock valued at $9,433,000 after acquiring an additional 928 shares during the period. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Apogee Therapeutics Trading Down 2.4%

Shares of APGE stock opened at $86.19 on Tuesday. The firm has a 50-day moving average price of $84.50 and a 200 day moving average price of $77.50. Apogee Therapeutics Inc. has a twelve month low of $34.34 and a twelve month high of $95.32. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of -19.91 and a beta of 0.62.

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

Wall Street Analysts Forecast Growth

APGE has been the subject of a number of recent analyst reports. Royal Bank Of Canada raised their target price on Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Monday, June 8th. BTIG Research reissued a “buy” rating and issued a $137.00 target price on shares of Apogee Therapeutics in a report on Wednesday, May 27th. Canaccord Genuity Group raised their target price on Apogee Therapeutics from $89.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Truist Financial reduced their target price on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, May 27th. Finally, Rothschild & Co Redburn initiated coverage on Apogee Therapeutics in a report on Friday, May 1st. They issued a “buy” rating and a $140.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Apogee Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $114.56.

Insider Activity

In related news, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $78.71, for a total value of $432,905.00. Following the completion of the transaction, the insider owned 205,648 shares of the company’s stock, valued at approximately $16,186,554.08. The trade was a 2.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 the business’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $82.58, for a total transaction of $1,651,600.00. Following the completion of the transaction, the chief executive officer directly owned 1,132,987 shares of the company’s stock, valued at $93,562,066.46. The trade was a 1.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 76,500 shares of company stock valued at $6,323,295 in the last three months. 24.30% of the stock is currently owned by corporate insiders.

Apogee Therapeutics Company 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.