Franklin Resources Inc. Trims Stake in Apogee Therapeutics Inc. $APGE

Franklin Resources Inc. cut its stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) by 2.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 852,531 shares of the company’s stock after selling 23,545 shares during the quarter. Franklin Resources Inc.’s holdings in Apogee Therapeutics were worth $37,025,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of APGE. Octagon Capital Advisors LP purchased a new stake in Apogee Therapeutics in the 1st quarter worth approximately $399,752,000. Wellington Management Group LLP increased its holdings in shares of Apogee Therapeutics by 21.4% in the first quarter. Wellington Management Group LLP now owns 5,485,754 shares of the company’s stock worth $204,948,000 after purchasing an additional 968,391 shares during the last quarter. Affinity Asset Advisors LLC raised its holdings in shares of Apogee Therapeutics by 23.6% during the 1st quarter. Affinity Asset Advisors LLC now owns 1,151,199 shares of the company’s stock worth $43,009,000 after acquiring an additional 219,471 shares in the last quarter. Woodline Partners LP raised its stake in Apogee Therapeutics by 4.5% during the first quarter. Woodline Partners LP now owns 1,061,053 shares of the company’s stock valued at $39,641,000 after purchasing an additional 45,445 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Apogee Therapeutics by 202.7% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 727,000 shares of the company’s stock valued at $27,161,000 after buying an additional 486,800 shares in the last quarter. Institutional investors own 79.04% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Apogee Therapeutics in a report on Monday, August 11th. Citigroup reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, August 28th. Wall Street Zen raised shares of Apogee Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Royal Bank Of Canada raised their target price on shares of Apogee Therapeutics from $60.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Finally, BTIG Research reaffirmed a “buy” rating and set a $115.00 price target on shares of Apogee Therapeutics in a research note on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.38.

Apogee Therapeutics Price Performance

Shares of Apogee Therapeutics stock opened at $70.39 on Thursday. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of -16.07 and a beta of 1.50. The firm’s 50-day moving average is $52.75 and its two-hundred day moving average is $43.88. Apogee Therapeutics Inc. has a 1 year low of $26.20 and a 1 year high of $73.90.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, November 10th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.14) by $0.03. On average, equities analysts expect that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Michael Thomas Henderson sold 20,000 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $63.01, for a total value of $1,260,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,272,987 shares of the company’s stock, valued at approximately $80,210,910.87. The trade was a 1.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Carl Dambkowski sold 10,785 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $55.07, for a total value of $593,929.95. Following the sale, the insider directly owned 282,008 shares in the company, valued at approximately $15,530,180.56. The trade was a 3.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 38,620 shares of company stock valued at $2,160,704. 42.77% of the stock is owned by company insiders.

Apogee Therapeutics 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.