Platinum Investment Management Ltd. Reduces Position in Apogee Therapeutics Inc. $APGE

Platinum Investment Management Ltd. decreased its position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) by 26.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 69,212 shares of the company’s stock after selling 24,516 shares during the quarter. Apogee Therapeutics makes up 1.2% of Platinum Investment Management Ltd.’s holdings, making the stock its 27th largest holding. Platinum Investment Management Ltd.’s holdings in Apogee Therapeutics were worth $5,224,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its stake in shares of Apogee Therapeutics by 2.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,151 shares of the company’s stock valued at $540,000 after buying an additional 152 shares in the last quarter. ANTIPODES PARTNERS Ltd lifted its stake in shares of Apogee Therapeutics by 41.2% during the 3rd quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company’s stock valued at $33,000 after buying an additional 246 shares in the last quarter. Comerica Bank lifted its stake in shares of Apogee Therapeutics by 1.0% during the 4th quarter. Comerica Bank now owns 35,872 shares of the company’s stock valued at $2,708,000 after buying an additional 338 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Apogee Therapeutics during the 4th quarter valued at $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Apogee Therapeutics by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company’s stock valued at $921,000 after buying an additional 694 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Stock Performance

Shares of NASDAQ APGE opened at $88.33 on Friday. The company has a market cap of $5.47 billion, a P/E ratio of -20.40 and a beta of 0.62. The firm’s fifty day moving average is $84.47 and its two-hundred day moving average is $77.33. Apogee Therapeutics Inc. has a 52-week low of $34.34 and a 52-week high of $95.32.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.01. As a group, analysts forecast that Apogee Therapeutics Inc. will post -4.45 EPS for the current fiscal year.

Analysts Set New Price Targets

APGE has been the topic of a number of analyst reports. Wedbush lifted their target price on shares of Apogee Therapeutics from $120.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Apogee Therapeutics in a research note on Monday, April 20th. The Goldman Sachs Group set a $89.00 target price on shares of Apogee Therapeutics in a research note on Thursday, May 28th. Canaccord Genuity Group lifted their target price on shares of Apogee Therapeutics from $89.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Finally, BTIG Research restated a “buy” rating and set a $137.00 target price on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Apogee Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $114.56.

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $78.71, for a total value of $432,905.00. Following the sale, the insider directly owned 205,648 shares in the company, valued at approximately $16,186,554.08. The trade was a 2.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 on Wednesday, June 10th. The shares were sold at an average price of $83.38, for a total transaction of $1,667,600.00. Following the completion of the sale, the chief executive officer owned 1,095,987 shares in the company, valued at approximately $91,383,396.06. This represents a 1.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 76,500 shares of company stock worth $6,323,295. 24.30% of the stock is currently owned by insiders.

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.