Short Interest in Apogee Therapeutics Inc. (NASDAQ:APGE) Declines By 50.7%

Apogee Therapeutics Inc. (NASDAQ:APGE) saw a large decline in short interest during the month of June. As of June 30th, there was short interest totaling 5,161,455 shares, a decline of 50.7% from the June 15th total of 10,477,522 shares. Currently, 11.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 10,062,043 shares, the days-to-cover ratio is presently 0.5 days.

Apogee Therapeutics Trading Down 0.2%

Apogee Therapeutics stock opened at $134.08 on Friday. The firm has a 50-day moving average of $102.46 and a 200-day moving average of $85.64. The firm has a market cap of $8.30 billion, a P/E ratio of -30.97 and a beta of 0.32. Apogee Therapeutics has a 1-year low of $34.34 and a 1-year high of $134.32.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.01. Research analysts forecast that Apogee Therapeutics will post -4.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on APGE shares. UBS Group cut shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $100.00 to $135.11 in a research note on Tuesday, June 23rd. Canaccord Genuity Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and boosted their price target for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. Guggenheim lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 23rd. Mizuho reaffirmed a “neutral” rating and set a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. Finally, Truist Financial decreased their price objective on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $121.25.

Insider Buying and Selling

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $132.74, for a total transaction of $730,070.00. Following the transaction, the insider directly owned 177,873 shares of the company’s stock, valued at approximately $23,610,862.02. This trade represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 Apogee Therapeutics stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total transaction of $2,672,600.00. Following the transaction, the chief executive officer directly owned 995,987 shares in the company, valued at $133,093,742.81. This trade represents a 1.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 182,900 shares of company stock valued at $21,711,585 in the last 90 days. 24.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Several hedge funds have recently made changes to their positions in APGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Apogee Therapeutics by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company’s stock valued at $921,000 after acquiring an additional 694 shares in the last quarter. Millennium Management LLC boosted its holdings in Apogee Therapeutics by 100.0% in the first quarter. Millennium Management LLC now owns 260,335 shares of the company’s stock valued at $9,726,000 after acquiring an additional 130,164 shares in the last quarter. Creative Planning purchased a new position in Apogee Therapeutics during the 2nd quarter valued at $392,000. Legal & General Group Plc increased its position in Apogee Therapeutics by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 27,689 shares of the company’s stock valued at $1,203,000 after purchasing an additional 1,907 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Apogee Therapeutics by 10,570.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company’s stock worth $945,000 after purchasing an additional 21,564 shares in the last quarter. 79.04% of the stock is owned by hedge funds and other institutional investors.

About Apogee Therapeutics

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.