Apogee Therapeutics, Inc. (NASDAQ:APGE) Sees Large Growth in Short Interest

Apogee Therapeutics, Inc. (NASDAQ:APGE) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 7,940,000 shares, an increase of 18.0% from the June 15th total of 6,730,000 shares. Approximately 21.4% of the shares of the company are short sold. Based on an average daily trading volume, of 456,700 shares, the days-to-cover ratio is currently 17.4 days.

Apogee Therapeutics Stock Up 1.4 %

APGE opened at $50.08 on Wednesday. The company has a market cap of $2.93 billion and a PE ratio of -9.54. Apogee Therapeutics has a twelve month low of $14.19 and a twelve month high of $72.29. The company has a 50-day moving average price of $44.37 and a 200 day moving average price of $45.58.

Apogee Therapeutics (NASDAQ:APGE) last released its earnings results on Monday, May 13th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). As a group, sell-side analysts expect that Apogee Therapeutics will post -2.64 earnings per share for the current year.

Wall Street Analyst Weigh In

APGE has been the subject of a number of recent analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $87.00 price objective on shares of Apogee Therapeutics in a report on Monday, May 13th. Bank of America began coverage on Apogee Therapeutics in a research note on Friday, May 10th. They issued a “buy” rating and a $80.00 price target for the company. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $73.00.

Insider Buying and Selling

In other news, insider Carl Dambkowski sold 5,995 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $37.60, for a total value of $225,412.00. Following the sale, the insider now directly owns 294,793 shares of the company’s stock, valued at approximately $11,084,216.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $37.26, for a total transaction of $558,900.00. Following the completion of the transaction, the chief executive officer now directly owns 1,474,487 shares in the company, valued at $54,939,385.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Carl Dambkowski sold 5,995 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $37.60, for a total value of $225,412.00. Following the completion of the sale, the insider now owns 294,793 shares in the company, valued at approximately $11,084,216.80. The disclosure for this sale can be found here. 36.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in APGE. Vanguard Group Inc. lifted its stake in shares of Apogee Therapeutics by 60.7% in the first quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company’s stock worth $124,173,000 after buying an additional 705,795 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Apogee Therapeutics by 0.3% during the 4th quarter. Wellington Management Group LLP now owns 1,591,478 shares of the company’s stock worth $44,358,000 after buying an additional 4,749 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Apogee Therapeutics by 51.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,170,327 shares of the company’s stock worth $77,770,000 after acquiring an additional 399,646 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Apogee Therapeutics by 9.3% during the 4th quarter. Franklin Resources Inc. now owns 1,089,780 shares of the company’s stock worth $30,448,000 after purchasing an additional 92,423 shares during the last quarter. Finally, Darwin Global Management Ltd. purchased a new stake in shares of Apogee Therapeutics in the 1st quarter valued at approximately $55,300,000. 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.