Apogee Therapeutics (NASDAQ:APGE) Stock Price Down 9.1% – Should You Sell?

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price was down 9.1% during mid-day trading on Friday . The stock traded as low as $44.45 and last traded at $44.71. Approximately 51,379 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 287,248 shares. The stock had previously closed at $49.21.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Guggenheim reaffirmed a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Canaccord Genuity Group started coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 target price on the stock. Wedbush boosted their price objective on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Finally, Canaccord Genuity Group started 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 on the stock. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $89.71.

Apogee Therapeutics Trading Down 14.7 %

The stock’s fifty day moving average is $48.70 and its two-hundred day moving average is $48.90. The firm has a market cap of $1.89 billion, a P/E ratio of -17.34 and a beta of 2.26.

Insider Buying and Selling

In other Apogee Therapeutics news, insider Carl Dambkowski sold 6,665 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.07, for a total transaction of $307,056.55. Following the completion of the transaction, the insider now owns 260,798 shares of the company’s stock, valued at approximately $12,014,963.86. This trade represents a 2.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Thomas Henderson sold 15,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $59.22, for a total value of $888,300.00. Following the completion of the sale, the chief executive officer now directly owns 1,339,487 shares in the company, valued at approximately $79,324,420.14. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,955 shares of company stock worth $2,701,212 in the last 90 days. 36.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several institutional investors have recently modified their holdings of APGE. JPMorgan Chase & Co. lifted its holdings in Apogee Therapeutics by 4.3% in the third quarter. JPMorgan Chase & Co. now owns 29,555 shares of the company’s stock valued at $1,736,000 after acquiring an additional 1,212 shares during the period. Geode Capital Management LLC raised its stake in shares of Apogee Therapeutics by 11.2% in the third quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock worth $48,401,000 after buying an additional 82,978 shares during the period. Barclays PLC lifted its position in shares of Apogee Therapeutics by 369.2% during the 3rd quarter. Barclays PLC now owns 365,046 shares of the company’s stock valued at $21,443,000 after buying an additional 287,243 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Apogee Therapeutics by 35.7% during the 3rd quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock valued at $282,798,000 after acquiring an additional 1,267,451 shares during the period. Finally, Wexford Capital LP purchased a new stake in Apogee Therapeutics in the 3rd quarter worth approximately $230,000. 79.04% of the stock is owned by hedge funds and other institutional investors.

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.