Apogee Therapeutics (NASDAQ:APGE) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Apogee Therapeutics (NASDAQ:APGE) announced its quarterly earnings results on Monday. The company reported ($1.11) EPS for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.03, Zacks reports.

Apogee Therapeutics Trading Up 10.9%

Apogee Therapeutics stock opened at $62.95 on Wednesday. Apogee Therapeutics has a 12-month low of $26.20 and a 12-month high of $63.84. The firm has a 50-day moving average price of $46.55 and a 200-day moving average price of $41.77. The firm has a market capitalization of $2.90 billion, a PE ratio of -14.37 and a beta of 1.50.

Wall Street Analyst Weigh In

A number of research firms have recently commented on APGE. Zacks Research downgraded Apogee Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 14th. Mizuho began coverage on shares of Apogee Therapeutics in a research report on Tuesday, October 21st. They set an “outperform” rating and a $105.00 price objective for the company. Citigroup reissued a “buy” rating on shares of Apogee Therapeutics in a research note on Thursday, August 28th. Royal Bank Of Canada upped their target price on shares of Apogee Therapeutics from $60.00 to $70.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. Finally, Bank of America lifted their price target on Apogee Therapeutics from $78.00 to $87.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.50.

Insider Buying and Selling

In related news, insider Carl Dambkowski sold 10,785 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $55.07, for a total value of $593,929.95. Following the sale, the insider directly owned 282,008 shares of the company’s stock, valued at $15,530,180.56. This represents a 3.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 18,620 shares of company stock worth $900,504. Corporate insiders own 42.77% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its stake in shares of Apogee Therapeutics by 34.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,649 shares of the company’s stock worth $158,000 after acquiring an additional 941 shares during the last quarter. E Fund Management Co. Ltd. purchased a new stake in Apogee Therapeutics in the second quarter worth $204,000. Tower Research Capital LLC TRC lifted its position in shares of Apogee Therapeutics by 754.7% during the second quarter. Tower Research Capital LLC TRC now owns 8,419 shares of the company’s stock worth $366,000 after purchasing an additional 7,434 shares during the last quarter. Creative Planning purchased a new stake in shares of Apogee Therapeutics during the second quarter valued at $392,000. Finally, WINTON GROUP Ltd bought a new position in shares of Apogee Therapeutics in the second quarter worth about $635,000. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.