Apogee Therapeutics (NASDAQ:APGE) Hits New 1-Year Low Following Weak Earnings

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares reached a new 52-week low during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $29.15 and last traded at $29.20, with a volume of 199917 shares. The stock had previously closed at $31.39.

The company reported ($1.19) earnings per share for the quarter, missing the consensus estimate of ($0.94) by ($0.25).

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on APGE. Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price target for the company. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research report on Monday, November 25th. They set a “buy” rating and a $89.00 price target on the stock. Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Apogee Therapeutics in a report on Monday. Finally, Guggenheim reaffirmed a “buy” rating on shares of Apogee Therapeutics in a report on Monday, February 10th. Seven research 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.

Insider Transactions at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 3,520 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $40.69, for a total transaction of $143,228.80. Following the completion of the sale, the insider now directly owns 252,623 shares of the company’s stock, valued at approximately $10,279,229.87. This represents a 1.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark C. Mckenna bought 20,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was purchased at an average price of $49.54 per share, with a total value of $990,800.00. Following the completion of the acquisition, the director now owns 20,000 shares of the company’s stock, valued at approximately $990,800. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 63,810 shares of company stock valued at $2,903,556 in the last three months. 36.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several hedge funds have recently made changes to their positions in APGE. GF Fund Management CO. LTD. purchased a new position in Apogee Therapeutics during the 4th quarter worth approximately $43,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Apogee Therapeutics in the third quarter worth $71,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Apogee Therapeutics by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock valued at $94,000 after buying an additional 285 shares in the last quarter. Optimize Financial Inc acquired a new position in Apogee Therapeutics during the fourth quarter valued at $203,000. Finally, Aigen Investment Management LP acquired a new position in Apogee Therapeutics during the fourth quarter valued at $216,000. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Stock Performance

The firm has a 50 day moving average of $40.01 and a 200-day moving average of $47.32. The stock has a market capitalization of $1.36 billion, a PE ratio of -12.45 and a beta of 2.18.

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.