Fifth Third Bancorp Makes New $5.37 Million Investment in Apogee Therapeutics Inc. $APGE

Fifth Third Bancorp bought a new position in Apogee Therapeutics Inc. (NASDAQ:APGE) during the first quarter, HoldingsChannel reports. The firm bought 63,800 shares of the company’s stock, valued at approximately $5,370,000.

Several other hedge funds have also bought and sold shares of the business. Rockefeller Capital Management L.P. purchased a new position in shares of Apogee Therapeutics during the fourth quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new stake in shares of Apogee Therapeutics during the fourth quarter valued at approximately $37,000. Seven Fleet Capital Management LP purchased a new position in Apogee Therapeutics in the fourth quarter worth $136,000. Ensign Peak Advisors Inc bought a new position in Apogee Therapeutics in the 4th quarter valued at $170,000. Finally, Quantbot Technologies LP bought a new position in Apogee Therapeutics in the 3rd quarter valued at $96,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Craig Hallum set a $135.11 price objective on shares of Apogee Therapeutics and gave the stock a “hold” rating in a report on Monday, June 22nd. Guggenheim cut shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a report on Tuesday, June 23rd. Citigroup downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $125.00 to $135.00 in a research note on Tuesday, June 23rd. Mizuho reissued a “neutral” rating and set a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Finally, Royal Bank Of Canada raised their target price on Apogee Therapeutics from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $121.25.

Apogee Therapeutics Stock Performance

Shares of APGE opened at $134.00 on Friday. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of -30.95 and a beta of 0.32. Apogee Therapeutics Inc. has a fifty-two week low of $34.34 and a fifty-two week high of $134.32. The firm has a 50 day moving average price of $103.48 and a 200-day moving average price of $85.98.

Apogee Therapeutics (NASDAQ:APGE) last released its earnings results on Monday, May 11th. The company reported ($1.06) EPS for the quarter, beating the consensus estimate of ($1.07) by $0.01. As a group, equities research analysts predict that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current year.

Insider Transactions at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $132.74, for a total value of $730,070.00. Following the transaction, the insider directly owned 177,873 shares of the company’s stock, valued at $23,610,862.02. The trade was a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $133.63, for a total value of $2,672,600.00. Following the completion of the sale, the chief executive officer owned 995,987 shares of the company’s stock, valued at $133,093,742.81. The trade was a 1.97% 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 three months, insiders sold 182,900 shares of company stock valued at $21,711,585. 24.30% of the stock is currently owned by corporate insiders.

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.