Apogee Therapeutics (NASDAQ:APGE) Shares Gap Down on Analyst Downgrade

Apogee Therapeutics Inc. (NASDAQ:APGE) shares gapped down prior to trading on Wednesday after Truist Financial lowered their price target on the stock from $83.00 to $81.00. The stock had previously closed at $82.81, but opened at $78.00. Truist Financial currently has a hold rating on the stock. Apogee Therapeutics shares last traded at $82.0040, with a volume of 1,210,931 shares.

APGE has been the topic of a number of other research reports. Mizuho upped their price objective on shares of Apogee Therapeutics from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, March 30th. Guggenheim upped their price objective on shares of Apogee Therapeutics from $130.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. BTIG Research restated a “buy” rating and issued a $137.00 price objective on shares of Apogee Therapeutics in a report on Wednesday. Citigroup upped their price objective on shares of Apogee Therapeutics from $95.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Finally, Royal Bank Of Canada cut their price objective on shares of Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating on the stock in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Apogee Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $113.63.

Insider Buying and Selling

In other news, CEO Michael Thomas Henderson sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $82.09, for a total transaction of $1,641,800.00. Following the sale, the chief executive officer owned 1,115,987 shares in the company, valued at $91,611,372.83. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $84.14, for a total transaction of $462,770.00. Following the sale, the insider owned 207,023 shares in the company, valued at approximately $17,418,915.22. The trade was a 2.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 76,500 shares of company stock worth $6,109,220. Corporate insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

A number of institutional investors have recently made changes to their positions in APGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Apogee Therapeutics by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company’s stock valued at $921,000 after buying an additional 694 shares during the last quarter. Millennium Management LLC lifted its position in Apogee Therapeutics by 100.0% during the first quarter. Millennium Management LLC now owns 260,335 shares of the company’s stock valued at $9,726,000 after purchasing an additional 130,164 shares during the period. Creative Planning bought a new position in Apogee Therapeutics during the second quarter valued at approximately $392,000. Legal & General Group Plc lifted its position in Apogee Therapeutics by 7.4% during the second quarter. Legal & General Group Plc now owns 27,689 shares of the company’s stock valued at $1,203,000 after purchasing an additional 1,907 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Apogee Therapeutics by 10,570.6% during the second quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company’s stock valued at $945,000 after purchasing an additional 21,564 shares during the period. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Price Performance

The company has a market cap of $4.82 billion, a P/E ratio of -17.97 and a beta of 0.69. The stock’s 50-day moving average is $82.57 and its two-hundred day moving average is $75.78.

Apogee Therapeutics (NASDAQ:APGE) last issued its quarterly earnings data on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.01. On average, analysts predict that Apogee Therapeutics Inc. will post -4.48 EPS for the current year.

About Apogee Therapeutics

Apogee Therapeutics, Inc is a clinical-stage biotechnology company dedicated to the discovery and development of novel small molecule therapeutics that selectively target the nuclear receptor RORγt, a master regulator of T cell-driven inflammatory pathways. By modulating RORγt activity, Apogee aims to offer an oral treatment option for patients with autoimmune and inflammatory skin disorders.

The company’s lead candidate, APG-157, is an oral RORγt inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.