Apogee Therapeutics Inc. (NASDAQ:APGE) Short Interest Down 50.7% in June

Apogee Therapeutics Inc. (NASDAQ:APGE) was the target of a large decrease in short interest in June. As of June 30th, there was short interest totaling 5,161,455 shares, a decrease of 50.7% from the June 15th total of 10,477,522 shares. Based on an average daily trading volume, of 10,062,043 shares, the days-to-cover ratio is presently 0.5 days. Approximately 11.0% of the shares of the company are short sold.

Apogee Therapeutics Stock Performance

NASDAQ:APGE opened at $134.19 on Thursday. The company has a 50-day moving average of $101.41 and a 200-day moving average of $85.24. Apogee Therapeutics has a 52 week low of $34.34 and a 52 week high of $134.31. The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of -30.99 and a beta of 0.32.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on APGE. Truist Financial reduced their target price on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, May 27th. Citigroup lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $125.00 to $135.00 in a research note on Tuesday, June 23rd. Stifel Nicolaus reiterated a “hold” rating and set a $135.00 price target (up from $133.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Mizuho reissued a “neutral” rating and issued a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. Finally, The Goldman Sachs Group set a $89.00 price target on shares of Apogee Therapeutics in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $121.25.

Insider Buying and Selling at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $132.74, for a total transaction of $730,070.00. Following the sale, the insider owned 177,873 shares of the company’s stock, valued at $23,610,862.02. The trade was a 3.00% decrease in their position. The sale was disclosed in a legal 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 the stock in a transaction on 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 completion of the transaction, 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. 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 have sold a total of 182,900 shares of company stock worth $21,711,585 in the last ninety days. 24.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Handelsbanken Fonder AB boosted its stake in Apogee Therapeutics by 309.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 86,300 shares of the company’s stock valued at $11,455,000 after buying an additional 65,200 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of Apogee Therapeutics during the second quarter valued at $663,000. GAMMA Investing LLC lifted its holdings in shares of Apogee Therapeutics by 40.5% during the second quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock valued at $41,000 after acquiring an additional 89 shares during the period. Seven Fleet Capital Management LP boosted its stake in shares of Apogee Therapeutics by 9.4% in the 1st quarter. Seven Fleet Capital Management LP now owns 1,969 shares of the company’s stock valued at $166,000 after purchasing an additional 169 shares in the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in shares of Apogee Therapeutics by 26.9% in the 1st quarter. Glenmede Trust Co. NA now owns 10,799 shares of the company’s stock valued at $909,000 after purchasing an additional 2,287 shares in the last quarter. Institutional investors own 79.04% of the company’s stock.

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.