Insider Selling: Apogee Therapeutics (NASDAQ:APGE) CEO Sells $10,603,200.00 in Stock

Apogee Therapeutics Inc. (NASDAQ:APGE) CEO Michael Thomas Henderson sold 80,000 shares of the 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 completion of the transaction, the chief executive officer directly owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. This trade represents a 7.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Thomas Henderson also recently made the following trade(s):

• On Wednesday, June 10th, Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock. The stock was sold at an average price of $83.38, for a total value of $1,667,600.00.
• On Wednesday, May 13th, Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock. The shares were sold at an average price of $82.09, for a total value of $1,641,800.00.
• On Wednesday, April 8th, Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock. The shares were sold at an average price of $82.58, for a total transaction of $1,651,600.00.

Apogee Therapeutics Trading Down 0.1%

APGE stock traded down $0.19 during trading on Wednesday, hitting $132.69. 7,739,634 shares of the stock traded hands, compared to its average volume of 4,765,024. The stock has a market cap of $8.21 billion, a price-to-earnings ratio of -30.64 and a beta of 0.62. Apogee Therapeutics Inc. has a one year low of $34.34 and a one year high of $133.16. The company has a 50 day simple moving average of $87.67 and a 200 day simple moving average of $79.27.

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

Institutional Investors Weigh In On Apogee Therapeutics

Several large investors have recently modified their holdings of APGE. Rockefeller Capital Management L.P. acquired a new position in Apogee Therapeutics during the fourth quarter worth $25,000. Los Angeles Capital Management LLC acquired a new position in shares of Apogee Therapeutics during the 4th quarter worth about $37,000. EverSource Wealth Advisors LLC grew its holdings in shares of Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after acquiring an additional 246 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Apogee Therapeutics in the third quarter valued at about $96,000. Finally, Seven Fleet Capital Management LP bought a new stake in Apogee Therapeutics during the fourth quarter worth about $136,000. 79.04% of the stock is currently owned by institutional investors.

Apogee Therapeutics News Summary

Here are the key news stories impacting Apogee Therapeutics this week:

• Positive Sentiment: Apogee Therapeutics announced a proposed sale to AbbVie for $135.11 per share in cash, reinforcing the takeover premium and likely supporting the stock price. Article Title
• Neutral Sentiment: Stifel reiterated a hold rating and lifted its price target to $135, suggesting the shares are already close to fair value at the deal price. Article Title
• Neutral Sentiment: Citi downgraded the stock to neutral/hold while also raising its target to $135, reflecting a more cautious stance but still near the acquisition value. Article Title
• Neutral Sentiment: Unusual options activity showed heavy put buying, which may indicate some hedging or concern about deal execution risk. Article Title
• Negative Sentiment: A law firm launched an investigation into the adequacy of the proposed sale price and process, which could add legal overhang and uncertainty around the transaction. Article Title

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Rothschild & Co Redburn assumed coverage on Apogee Therapeutics in a research note on Friday, May 1st. They issued a “buy” rating and a $140.00 price target on the stock. Wedbush cut Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 target price on the stock. in a report on Monday. Citigroup cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the company from $125.00 to $135.00 in a research note on Tuesday. Craig Hallum set a $135.11 price objective on shares of Apogee Therapeutics and gave the company a “hold” rating in a report on Monday. Finally, Canaccord Genuity Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and upped their target price for the company from $130.00 to $135.11 in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Apogee Therapeutics currently has an average rating of “Hold” and a consensus price target of $121.25.

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.