Apogee Therapeutics (NASDAQ:APGE) Shares Gap Down After Analyst Downgrade

Apogee Therapeutics Inc. (NASDAQ:APGE) shares gapped down before the market opened on Wednesday after Truist Financial lowered their price target on the stock from $83.00 to $81.00. The stock had previously closed at $82.81, but opened at $78.00. Truist Financial currently has a hold rating on the stock. Apogee Therapeutics shares last traded at $82.0040, with a volume of 1,210,931 shares traded.

Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada reduced their price objective on Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Citigroup raised their target price on Apogee Therapeutics from $95.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Apogee Therapeutics in a research note on Monday, April 20th. BTIG Research reiterated a “buy” rating and issued a $137.00 target price on shares of Apogee Therapeutics in a research note on Wednesday. Finally, Mizuho raised their target price on Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.63.

Insider Transactions at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $84.14, for a total transaction of $462,770.00. Following the sale, the insider directly owned 207,023 shares in the company, valued at $17,418,915.22. The trade was a 2.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $82.09, for a total transaction of $1,641,800.00. Following the sale, the chief executive officer owned 1,115,987 shares in the company, valued at approximately $91,611,372.83. This represents a 1.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 76,500 shares of company stock worth $6,109,220. Company insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of APGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Apogee Therapeutics by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company’s stock valued at $921,000 after purchasing an additional 694 shares in the last quarter. Millennium Management LLC grew its holdings in Apogee Therapeutics by 100.0% during the first quarter. Millennium Management LLC now owns 260,335 shares of the company’s stock worth $9,726,000 after acquiring an additional 130,164 shares during the period. Creative Planning acquired a new position in Apogee Therapeutics during the second quarter worth about $392,000. Legal & General Group Plc grew its holdings in Apogee Therapeutics by 7.4% during the second quarter. Legal & General Group Plc now owns 27,689 shares of the company’s stock worth $1,203,000 after acquiring an additional 1,907 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in Apogee Therapeutics by 10,570.6% during the second quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company’s stock worth $945,000 after acquiring an additional 21,564 shares during the period. 79.04% of the stock is currently owned by institutional investors.

Apogee Therapeutics Price Performance

The business has a fifty day moving average of $82.57 and a 200-day moving average of $75.78. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of -17.97 and a beta of 0.69.

Apogee Therapeutics (NASDAQ:APGE) last released its earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.07) by $0.01. As a group, research analysts anticipate that Apogee Therapeutics Inc. will post -4.48 EPS for the current year.

About Apogee Therapeutics

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 ROR?t, a master regulator of T cell-driven inflammatory pathways. By modulating ROR?t 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 ROR?t inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.