Apogee Therapeutics (NASDAQ:APGE) Trading Down 8% – Here’s What Happened

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price fell 8% on Monday . The company traded as low as $36.76 and last traded at $36.54. 153,749 shares were traded during trading, a decline of 69% from the average session volume of 489,212 shares. The stock had previously closed at $39.72.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Apogee Therapeutics in a research report on Tuesday, March 11th. Citigroup initiated coverage on shares of Apogee Therapeutics in a research report on Thursday, March 13th. They issued a “buy” rating and a $95.00 price objective for the company. Finally, Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a research note on Monday, February 10th. Six investment 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 price target of $92.17.

Apogee Therapeutics Stock Performance

The company’s fifty day moving average price is $37.50 and its 200 day moving average price is $45.75. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -15.52 and a beta of 2.46.

Apogee Therapeutics (NASDAQ:APGE) last issued its earnings results on Monday, March 3rd. The company reported ($1.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.94) by ($0.25). As a group, sell-side analysts expect that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current year.

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 4,085 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $46.94, for a total transaction of $191,749.90. Following the completion of the transaction, the insider now directly owns 255,348 shares of the company’s stock, valued at $11,986,035.12. The trade was a 1.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Thomas Henderson sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $40.58, for a total transaction of $608,700.00. Following the completion of the sale, the chief executive officer now owns 1,302,987 shares in the company, valued at $52,875,212.46. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,195 shares of company stock valued at $2,026,392 over the last three months. Company insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Intech Investment Management LLC bought a new position in Apogee Therapeutics in the 3rd quarter valued at about $300,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Apogee Therapeutics by 17.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 280,428 shares of the company’s stock valued at $16,472,000 after acquiring an additional 41,686 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Apogee Therapeutics during the third quarter valued at approximately $71,000. Janus Henderson Group PLC raised its holdings in Apogee Therapeutics by 4,018.9% during the third quarter. Janus Henderson Group PLC now owns 469,557 shares of the company’s stock worth $27,586,000 after purchasing an additional 458,157 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Apogee Therapeutics by 162.7% in the third quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock worth $41,545,000 after purchasing an additional 438,036 shares during the period. 79.04% of the stock is owned by institutional investors and hedge funds.

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.