Apogee Therapeutics (NASDAQ:APGE) Shares Down 6.2% – Here’s What Happened

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s share price fell 6.2% on Wednesday . The stock traded as low as $53.26 and last traded at $53.78. 73,913 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 492,333 shares. The stock had previously closed at $57.35.

Analyst Ratings Changes

Separately, Wedbush reissued an “outperform” rating and issued a $87.00 target price on shares of Apogee Therapeutics in a report on Tuesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $78.50.

Apogee Therapeutics Stock Performance

The business has a 50 day moving average of $54.61 and a 200 day moving average of $48.98.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.60) EPS for the quarter, meeting analysts’ consensus estimates of ($0.60). Research analysts expect that Apogee Therapeutics, Inc. will post -2.57 EPS for the current year.

Insider Activity at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 40,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $47.62, for a total transaction of $1,904,800.00. Following the sale, the chief executive officer now owns 1,394,487 shares of the company’s stock, valued at $66,405,470.94. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Michael Thomas Henderson sold 40,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $47.62, for a total transaction of $1,904,800.00. Following the transaction, the chief executive officer now directly owns 1,394,487 shares in the company, valued at approximately $66,405,470.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Carl Dambkowski sold 6,665 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $59.12, for a total value of $394,034.80. Following the transaction, the insider now owns 267,463 shares in the company, valued at $15,812,412.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 120,995 shares of company stock valued at $6,417,855 over the last quarter. Insiders own 36.10% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

Several large investors have recently added to or reduced their stakes in APGE. Darwin Global Management Ltd. purchased a new position in Apogee Therapeutics during the first quarter worth about $55,300,000. Vanguard Group Inc. raised its holdings in shares of Apogee Therapeutics by 60.7% in the 1st quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company’s stock worth $124,173,000 after purchasing an additional 705,795 shares during the period. Waypoint Capital Advisors LLC purchased a new position in shares of Apogee Therapeutics in the 3rd quarter worth about $36,835,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Apogee Therapeutics by 51.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,170,327 shares of the company’s stock worth $77,770,000 after purchasing an additional 399,646 shares during the period. Finally, Farallon Capital Management LLC purchased a new position in shares of Apogee Therapeutics in the 1st quarter worth about $20,267,000. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

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.