Pictet Asset Management Holding SA Reduces Stake in Apogee Therapeutics Inc. $APGE

Pictet Asset Management Holding SA trimmed its position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) by 16.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 261,050 shares of the company’s stock after selling 51,833 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.38% of Apogee Therapeutics worth $21,973,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Rockefeller Capital Management L.P. purchased a new position in shares of Apogee Therapeutics in the fourth quarter valued at $25,000. Los Angeles Capital Management LLC purchased a new position in Apogee Therapeutics during the 4th quarter valued at about $37,000. Seven Fleet Capital Management LP purchased a new position in Apogee Therapeutics during the 4th quarter valued at about $136,000. Ensign Peak Advisors Inc acquired a new position in Apogee Therapeutics during the fourth quarter worth about $170,000. Finally, Quantbot Technologies LP acquired a new position in Apogee Therapeutics during the third quarter worth about $96,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

Apogee Therapeutics Price Performance

NASDAQ:APGE opened at $132.77 on Thursday. The firm has a market cap of $8.22 billion, a PE ratio of -30.66 and a beta of 0.31. The firm has a 50 day simple moving average of $91.91 and a 200-day simple moving average of $81.27. Apogee Therapeutics Inc. has a 1-year low of $34.34 and a 1-year high of $133.16.

Apogee Therapeutics (NASDAQ:APGE) last announced 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, sell-side analysts expect that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 80,000 shares of Apogee Therapeutics stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $132.54, for a total value of $10,603,200.00. Following the completion of the sale, the chief executive officer owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total value of $3,500,640.00. Following the completion of the transaction, the insider owned 179,248 shares of the company’s stock, valued at $23,768,284.80. The trade was a 12.84% 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. Insiders have sold 177,400 shares of company stock worth $19,960,515 in the last 90 days. Insiders own 24.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on APGE. Truist Financial lowered their price target on shares of Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday, May 27th. TD Cowen lowered Apogee Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft cut Apogee Therapeutics from a “buy” rating to a “hold” rating and increased their target price for the company from $116.00 to $135.00 in a report on Monday, June 22nd. Mizuho reissued a “neutral” rating and set a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Apogee Therapeutics in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $121.25.

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.