Apogee Therapeutics (NASDAQ:APGE) Trading Down 4.6% – Should You Sell?

Apogee Therapeutics, Inc. (NASDAQ:APGE) dropped 4.6% during trading on Thursday . The stock traded as low as $38.06 and last traded at $38.60. Approximately 257,177 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 513,198 shares. The stock had previously closed at $40.46.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wedbush lifted their target price 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. Canaccord Genuity Group initiated 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. Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 target price on the stock. Finally, Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a research report on Thursday, December 12th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $89.71.

Apogee Therapeutics Trading Up 1.0 %

The business has a fifty day moving average price of $46.46 and a two-hundred day moving average price of $48.92. The firm has a market capitalization of $1.67 billion, a PE ratio of -15.31 and a beta of 2.26.

Insiders Place Their Bets

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 15,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.58, for a total transaction of $698,700.00. Following the sale, the chief executive officer now directly owns 1,324,487 shares in the company, valued at $61,694,604.46. This represents a 1.12 % 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. Also, insider Carl Dambkowski sold 6,665 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.07, for a total transaction of $307,056.55. Following the sale, the insider now directly owns 260,798 shares in the company, valued at $12,014,963.86. This represents a 2.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,955 shares of company stock valued at $3,433,962 over the last 90 days. 36.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Apogee Therapeutics by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock worth $94,000 after acquiring an additional 285 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Apogee Therapeutics in the third quarter valued at $71,000. JPMorgan Chase & Co. increased its holdings in Apogee Therapeutics by 4.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,555 shares of the company’s stock worth $1,736,000 after purchasing an additional 1,212 shares during the period. SG Americas Securities LLC raised its position in Apogee Therapeutics by 22.2% in the 4th quarter. SG Americas Securities LLC now owns 9,890 shares of the company’s stock valued at $448,000 after purchasing an additional 1,796 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in shares of Apogee Therapeutics by 25.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 8,800 shares of the company’s stock valued at $517,000 after buying an additional 1,800 shares during the period. 79.04% of the stock is owned by hedge funds and other institutional investors.

About Apogee Therapeutics

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.