Apogee Therapeutics (NASDAQ:APGE) Trading Down 4.6% – Should You Sell?

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares were down 4.6% during trading on Thursday . The company traded as low as $38.06 and last traded at $38.60. Approximately 257,177 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 513,198 shares. The stock had previously closed at $40.46.

Analysts Set New Price Targets

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

Apogee Therapeutics Stock Down 8.0 %

The stock has a fifty day moving average of $47.37 and a 200-day moving average of $49.02. The stock has a market capitalization of $1.68 billion, a PE ratio of -15.39 and a beta of 2.26.

Insider Activity

In related news, CEO Michael Thomas Henderson sold 15,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $59.22, for a total value of $888,300.00. Following the transaction, the chief executive officer now owns 1,339,487 shares of the company’s stock, valued at $79,324,420.14. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Carl Dambkowski sold 6,665 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.07, for a total value of $307,056.55. Following the sale, the insider now owns 260,798 shares of the company’s stock, valued at approximately $12,014,963.86. The trade was a 2.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,955 shares of company stock worth $3,433,962. 36.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in Apogee Therapeutics by 35.7% during the third 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 period. Waypoint Capital Advisors LLC purchased a new position in Apogee Therapeutics in the 3rd quarter valued at about $36,835,000. Janus Henderson Group PLC boosted its stake in shares of Apogee Therapeutics by 4,018.9% during the 3rd 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. grew its position 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 worth $41,545,000 after buying an additional 438,036 shares in the last quarter. Finally, Barclays PLC increased its stake in shares of Apogee Therapeutics by 369.2% in the third quarter. Barclays PLC now owns 365,046 shares of the company’s stock worth $21,443,000 after buying an additional 287,243 shares during the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

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.