Apogee Therapeutics (NASDAQ:APGE) Trading Down 7.8% – Here’s What Happened

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price traded down 7.8% during mid-day trading on Thursday . The company traded as low as $44.50 and last traded at $44.98. 629,892 shares were traded during trading, an increase of 25% from the average session volume of 502,104 shares. The stock had previously closed at $48.77.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on APGE. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday. Canaccord Genuity Group began coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 target price for the company. Canaccord Genuity Group began coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 target price for the company. Finally, Wedbush increased their target price on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Apogee Therapeutics currently has an average rating of “Buy” and an average target price of $83.88.

Apogee Therapeutics Stock Performance

The stock has a market cap of $2.00 billion, a P/E ratio of -18.39 and a beta of 2.30. The firm has a 50-day moving average price of $51.43 and a 200-day moving average price of $48.28.

Insider Transactions at Apogee Therapeutics

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $59.22, for a total transaction of $888,300.00. Following the completion of the transaction, the chief executive officer now owns 1,339,487 shares in the company, valued at approximately $79,324,420.14. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.07, for a total value of $307,056.55. Following the transaction, the insider now owns 260,798 shares of the company’s stock, valued at $12,014,963.86. The trade was a 2.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 94,535 shares of company stock valued at $5,133,635. Corporate insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of APGE. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Apogee Therapeutics in the third quarter worth $71,000. Mirae Asset Global Investments Co. Ltd. raised 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 purchasing an additional 285 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Apogee Therapeutics in the second quarter worth $143,000. Wexford Capital LP purchased a new position in shares of Apogee Therapeutics in the third quarter worth $230,000. Finally, Arizona State Retirement System grew its holdings in shares of Apogee Therapeutics by 4.5% in the second quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock worth $236,000 after acquiring an additional 258 shares during the period. Hedge funds and other institutional investors own 79.04% of the company’s stock.

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.