Apogee Therapeutics (NASDAQ:APGE) Issues Earnings Results, Misses Expectations By $1.00 EPS

Apogee Therapeutics (NASDAQ:APGE) announced its quarterly earnings data on Monday. The company reported ($2.07) earnings per share for the quarter, missing the consensus estimate of ($1.07) by ($1.00), reports.

Apogee Therapeutics Price Performance

Apogee Therapeutics stock opened at $134.84 on Monday. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of -31.14 and a beta of 0.35. The company’s 50 day simple moving average is $119.35 and its 200 day simple moving average is $91.96. Apogee Therapeutics has a fifty-two week low of $34.34 and a fifty-two week high of $134.88.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. TD Cowen lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Canaccord Genuity Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and boosted their price target for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. Wedbush lowered shares of Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 price objective on the stock. in a report on Monday, June 22nd. Truist Financial reduced their price objective on shares of Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, May 27th. Finally, BTIG Research reaffirmed a “buy” rating and set a $137.00 target price on shares of Apogee Therapeutics in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Apogee Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $121.25.

Insider Activity at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $134.17, for a total value of $737,935.00. Following the completion of the transaction, the insider owned 168,498 shares of the company’s stock, valued at $22,607,376.66. The trade was a 3.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, July 8th. The stock was sold at an average price of $133.63, for a total value of $2,672,600.00. Following the transaction, the chief executive officer owned 995,987 shares in the company, valued at approximately $133,093,742.81. This represents a 1.97% decrease in their ownership of the stock. 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. Insiders sold 182,900 shares of company stock valued at $21,986,750 in the last ninety days. Insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of APGE. T. Rowe Price Investment Management Inc. boosted its position in Apogee Therapeutics by 189,522.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock worth $206,246,000 after acquiring an additional 2,731,015 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Apogee Therapeutics by 142.6% in the fourth quarter. Invesco Ltd. now owns 70,687 shares of the company’s stock valued at $5,335,000 after purchasing an additional 41,549 shares during the last quarter. Vident Advisory LLC acquired a new stake in shares of Apogee Therapeutics in the fourth quarter valued at approximately $218,000. XTX Topco Ltd lifted its position in shares of Apogee Therapeutics by 225.1% in the fourth quarter. XTX Topco Ltd now owns 19,026 shares of the company’s stock worth $1,436,000 after purchasing an additional 13,174 shares in the last quarter. Finally, Vestal Point Capital LP lifted its position in shares of Apogee Therapeutics by 29.4% in the fourth quarter. Vestal Point Capital LP now owns 550,000 shares of the company’s stock worth $41,514,000 after purchasing an additional 125,000 shares in the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

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.