Apogee Therapeutics (NASDAQ:APGE) Trading Down 3.2% – Here’s What Happened

Apogee Therapeutics, Inc. (NASDAQ:APGE) dropped 3.2% during trading on Friday . The company traded as low as $45.51 and last traded at $45.51. Approximately 53,502 shares traded hands during trading, a decline of 89% from the average daily volume of 501,829 shares. The stock had previously closed at $47.02.

Analyst Ratings Changes

APGE has been the topic of several research analyst reports. Canaccord Genuity Group started coverage on Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 price objective on the stock. Guggenheim reaffirmed a “buy” rating on shares of Apogee Therapeutics in a research note on Thursday, December 12th. 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 target price for the company. Finally, Wedbush raised their target price on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $83.88.

Apogee Therapeutics Stock Up 1.8 %

The company has a 50 day moving average of $50.78 and a 200 day moving average of $48.29. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -19.78 and a beta of 2.30.

Insider Activity

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 40,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $56.23, for a total value of $2,249,200.00. Following the completion of the transaction, the chief executive officer now owns 1,354,487 shares of the company’s stock, valued at $76,162,804.01. The trade was a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Mark C. Mckenna bought 20,000 shares of the stock in a transaction on Thursday, December 12th. The shares were acquired at an average price of $49.54 per share, with a total value of $990,800.00. Following the purchase, the director now owns 20,000 shares of the company’s stock, valued at $990,800. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 94,535 shares of company stock worth $5,133,635. 36.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in Apogee Therapeutics by 35.7% in the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock valued at $282,798,000 after acquiring an additional 1,267,451 shares during the period. Driehaus Capital Management LLC grew its stake in Apogee Therapeutics by 2.6% during the 2nd quarter. Driehaus Capital Management LLC now owns 2,117,870 shares of the company’s stock worth $83,338,000 after buying an additional 54,107 shares during the last quarter. Perceptive Advisors LLC lifted its stake in Apogee Therapeutics by 2.2% in the second quarter. Perceptive Advisors LLC now owns 2,105,636 shares of the company’s stock valued at $82,857,000 after buying an additional 45,241 shares during the last quarter. Affinity Asset Advisors LLC increased its holdings in shares of Apogee Therapeutics by 41.2% in the 2nd quarter. Affinity Asset Advisors LLC now owns 836,283 shares of the company’s stock worth $32,908,000 after acquiring an additional 244,190 shares during the period. Finally, Geode Capital Management LLC lifted its position in Apogee Therapeutics by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock valued at $48,401,000 after purchasing an additional 82,978 shares during the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

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.