Granahan Investment Management LLC Has $6.32 Million Stock Position in Apogee Therapeutics Inc. $APGE

Granahan Investment Management LLC lowered its position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) by 20.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,086 shares of the company’s stock after selling 19,634 shares during the period. Granahan Investment Management LLC owned 0.12% of Apogee Therapeutics worth $6,320,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in APGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 worth $921,000 after acquiring an additional 694 shares during the period. Millennium Management LLC grew its position in shares of Apogee Therapeutics by 100.0% during the 1st quarter. Millennium Management LLC now owns 260,335 shares of the company’s stock worth $9,726,000 after purchasing an additional 130,164 shares in the last quarter. Creative Planning bought a new position in shares of Apogee Therapeutics during the second quarter worth approximately $392,000. Legal & General Group Plc increased its holdings in shares of 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 purchasing an additional 1,907 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of Apogee Therapeutics by 10,570.6% in the second quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company’s stock valued at $945,000 after buying an additional 21,564 shares in the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

Apogee Therapeutics Stock Up 0.0%

Shares of APGE stock opened at $134.28 on Friday. Apogee Therapeutics Inc. has a twelve month low of $34.34 and a twelve month high of $134.40. The company has a market cap of $8.31 billion, a P/E ratio of -31.01 and a beta of 0.32. The business has a fifty day simple moving average of $108.57 and a 200 day simple moving average of $88.02.

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, beating analysts’ consensus estimates of ($1.07) by $0.01. As a group, equities research analysts anticipate that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $133.63, for a total transaction of $2,672,600.00. Following the sale, the chief executive officer directly owned 995,987 shares of the company’s stock, valued at approximately $133,093,742.81. The trade was a 1.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $132.74, for a total transaction of $730,070.00. Following the completion of the transaction, the insider directly owned 177,873 shares of the company’s stock, valued at approximately $23,610,862.02. The trade was a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 182,900 shares of company stock worth $21,711,585. 24.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on APGE. Craig Hallum set a $135.11 price target on Apogee Therapeutics and gave the stock a “hold” rating in a research report on Monday, June 22nd. Truist Financial cut their target price on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, May 27th. Canaccord Genuity Group lowered Apogee Therapeutics from a “buy” rating to a “hold” rating and increased their target price for the stock from $130.00 to $135.11 in a report on Monday, June 22nd. Citigroup cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the stock from $125.00 to $135.00 in a research report on Tuesday, June 23rd. Finally, UBS Group downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the company from $100.00 to $135.11 in a research note on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Apogee Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Company Profile

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.