The Manufacturers Life Insurance Company Acquires New Shares in Apogee Therapeutics Inc. $APGE

The Manufacturers Life Insurance Company acquired a new position in Apogee Therapeutics Inc. (NASDAQ:APGE) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 33,559 shares of the company’s stock, valued at approximately $4,454,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Apogee Therapeutics in the second quarter valued at $243,000. Quantbot Technologies LP purchased a new position in shares of Apogee Therapeutics during the 2nd quarter worth $836,000. B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of Apogee Therapeutics during the 2nd quarter worth about $1,552,000. E Fund Management Co. Ltd. acquired a new stake in shares of Apogee Therapeutics during the 2nd quarter worth about $625,000. Finally, NINE MASTS CAPITAL Ltd purchased a new stake in Apogee Therapeutics in the 2nd quarter valued at about $1,248,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on APGE shares. Craig Hallum set a $135.11 target price on shares of Apogee Therapeutics and gave the company a “hold” rating in a research report on Monday, June 22nd. Canaccord Genuity Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and boosted their price target for the company from $130.00 to $135.11 in a research note on Monday, June 22nd. Guggenheim lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a report on Tuesday, June 23rd. TD Cowen cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Finally, Royal Bank Of Canada lifted their target price on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $126.77.

Apogee Therapeutics Price Performance

Shares of Apogee Therapeutics stock opened at $135.08 on Tuesday. The stock has a market capitalization of $8.40 billion, a price-to-earnings ratio of -31.12 and a beta of 0.35. The business has a 50-day moving average of $134.04 and a 200 day moving average of $99.30. Apogee Therapeutics Inc. has a 12 month low of $35.39 and a 12 month high of $135.08.

Apogee Therapeutics (NASDAQ:APGE) last issued its quarterly earnings results on Monday, August 10th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.07). Equities research analysts anticipate that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current year.

Insider Buying and Selling

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total value of $10,603,200.00. Following the completion of the transaction, the chief executive officer owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. This trade represents a 7.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the completion of the transaction, the insider directly owned 179,248 shares of the company’s stock, valued at $23,768,284.80. This represents a 12.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 162,900 shares of company stock valued at $20,344,950 in the last 90 days. Company insiders own 24.30% of the company’s stock.

Apogee Therapeutics Profile

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.