Apogee Therapeutics (NASDAQ:APGE) Trading Down 9.1% on Insider Selling

Apogee Therapeutics, Inc. (NASDAQ:APGE) fell 9.1% on Friday after an insider sold shares in the company. The company traded as low as $44.45 and last traded at $44.71. 51,379 shares were traded during trading, a decline of 82% from the average session volume of 287,248 shares. The stock had previously closed at $49.21.

Specifically, CEO Michael Thomas Henderson sold 15,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $48.85, for a total value of $732,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,309,487 shares of the company’s stock, valued at $63,968,439.95. This represents a 1.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several research firms recently commented on APGE. Wedbush boosted their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a research report on Thursday, December 12th. Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 price target on the stock. Finally, Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $89.71.

Apogee Therapeutics Price Performance

The stock’s fifty day simple moving average is $48.43 and its two-hundred day simple moving average is $49.00. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -16.96 and a beta of 2.26.

Hedge Funds Weigh In On Apogee Therapeutics

A number of large investors have recently bought and sold shares of APGE. Wellington Management Group LLP lifted its holdings in shares of Apogee Therapeutics by 35.7% in the 3rd quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock worth $282,798,000 after purchasing an additional 1,267,451 shares during the last quarter. Waypoint Capital Advisors LLC acquired a new stake in Apogee Therapeutics in the third quarter worth $36,835,000. Janus Henderson Group PLC lifted its stake in Apogee Therapeutics by 4,018.9% in the third quarter. Janus Henderson Group PLC now owns 469,557 shares of the company’s stock valued at $27,586,000 after buying an additional 458,157 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Apogee Therapeutics by 162.7% during the third quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock valued at $41,545,000 after acquiring an additional 438,036 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Apogee Therapeutics by 369.2% during the third quarter. Barclays PLC now owns 365,046 shares of the company’s stock valued at $21,443,000 after acquiring an additional 287,243 shares during the period. Institutional investors own 79.04% of the company’s stock.

About Apogee Therapeutics

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.