Apogee Therapeutics (NASDAQ:APGE) Sets New 52-Week Low Following Weak Earnings

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price reached a new 52-week low on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $29.15 and last traded at $29.20, with a volume of 199917 shares trading hands. The stock had previously closed at $31.39.

The company reported ($1.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.94) by ($0.25).

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a report on Monday, February 10th. 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 for the company. Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price objective on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Apogee Therapeutics in a research report on Monday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Apogee Therapeutics currently has an average rating of “Buy” and a consensus target price of $89.71.

Insiders Place Their Bets

In other Apogee Therapeutics news, Director Mark C. Mckenna acquired 20,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were purchased at an average price of $49.54 per share, for a total transaction of $990,800.00. Following the completion of the purchase, the director now directly owns 20,000 shares in the company, valued at $990,800. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Carl Dambkowski sold 6,665 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.07, for a total transaction of $307,056.55. Following the completion of the transaction, the insider now directly owns 260,798 shares in the company, valued at $12,014,963.86. This represents a 2.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 63,810 shares of company stock valued at $2,903,556 over the last 90 days. 36.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Several institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new position in Apogee Therapeutics during the 4th quarter valued at approximately $43,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Apogee Therapeutics in the third quarter valued at $71,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Apogee Therapeutics by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock valued at $94,000 after acquiring an additional 285 shares during the period. Wexford Capital LP acquired a new position in shares of Apogee Therapeutics during the third quarter valued at $230,000. Finally, Optimize Financial Inc bought a new position in shares of Apogee Therapeutics during the fourth quarter worth about $203,000. 79.04% of the stock is owned by institutional investors.

Apogee Therapeutics Stock Performance

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -12.45 and a beta of 2.18. The stock’s fifty day moving average is $40.01 and its two-hundred day moving average is $47.32.

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.