Apogee Therapeutics (NASDAQ:APGE) Shares Down 7.1% – Here’s Why

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price traded down 7.1% on Tuesday . The company traded as low as $36.96 and last traded at $36.58. 154,228 shares were traded during mid-day trading, a decline of 69% from the average session volume of 493,551 shares. The stock had previously closed at $39.35.

Analyst Ratings Changes

Several research firms have weighed in on APGE. Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a research note on Monday. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a research report on Monday, November 25th. They issued a “buy” rating and a $89.00 price objective for the company. Wedbush upped their price objective on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Finally, Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $89.71.

Apogee Therapeutics Price Performance

The firm has a market cap of $1.59 billion, a PE ratio of -14.57 and a beta of 2.18. The firm has a 50-day simple moving average of $44.11 and a 200 day simple moving average of $48.45.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.73) by ($0.13). Sell-side analysts forecast that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Activity at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction that occurred 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 completion of the sale, the insider now owns 260,798 shares of the company’s stock, valued at approximately $12,014,963.86. The trade was a 2.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.58, for a total value of $698,700.00. Following the completion of the sale, the chief executive officer now directly owns 1,324,487 shares of the company’s stock, valued at $61,694,604.46. The trade was a 1.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,810 shares of company stock valued at $2,903,556 over the last 90 days. Corporate insiders own 36.10% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

Hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Apogee Therapeutics in the third quarter worth about $71,000. Mirae Asset Global Investments Co. Ltd. boosted its position 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 worth $94,000 after acquiring an additional 285 shares during the last quarter. Aigen Investment Management LP bought a new position in shares of Apogee Therapeutics during the fourth quarter worth $216,000. Commonwealth Equity Services LLC bought a new position in shares of Apogee Therapeutics during the 4th quarter valued at about $222,000. Finally, Wexford Capital LP bought a new position in shares of Apogee Therapeutics during the 3rd quarter valued at about $230,000. 79.04% of the stock is currently owned by 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.