Apogee Therapeutics (NASDAQ:APGE) Stock Price Down 5.7% – Here’s What Happened

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) dropped 5.7% during mid-day trading on Tuesday . The company traded as low as $31.74 and last traded at $30.46. Approximately 89,429 shares changed hands during trading, a decline of 82% from the average daily volume of 491,201 shares. The stock had previously closed at $32.30.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on APGE shares. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a report on Monday, February 10th. Citigroup started coverage on shares of Apogee Therapeutics in a research note on Thursday, March 13th. They set a “buy” rating and a $95.00 target price for the company. Finally, Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Apogee Therapeutics in a report on Tuesday, March 11th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $92.17.

Apogee Therapeutics Stock Performance

The company has a market capitalization of $1.35 billion, a PE ratio of -12.37 and a beta of 1.72. The firm has a fifty day simple moving average of $35.99 and a 200 day simple moving average of $44.45.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($1.19) EPS for the quarter, missing the consensus estimate of ($0.94) by ($0.25). Research analysts expect that Apogee Therapeutics, Inc. will post -3.09 EPS for the current fiscal year.

Insider Buying and Selling at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 3,520 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $40.69, for a total transaction of $143,228.80. Following the sale, the insider now owns 252,623 shares of the company’s stock, valued at approximately $10,279,229.87. This trade represents a 1.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Thomas Henderson sold 15,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $40.58, for a total value of $608,700.00. Following the completion of the transaction, the chief executive officer now directly owns 1,302,987 shares of the company’s stock, valued at approximately $52,875,212.46. The trade was a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,970 shares of company stock valued at $1,241,701. Company insiders own 36.10% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. bought a new stake in shares of Apogee Therapeutics in the 4th quarter valued at about $43,000. GAMMA Investing LLC lifted its position in Apogee Therapeutics by 3,560.1% during the first quarter. GAMMA Investing LLC now owns 5,417 shares of the company’s stock valued at $202,000 after acquiring an additional 5,269 shares during the last quarter. Optimize Financial Inc acquired a new stake in Apogee Therapeutics in the fourth quarter valued at approximately $203,000. Aigen Investment Management LP purchased a new position in Apogee Therapeutics in the fourth quarter worth $216,000. Finally, BNP Paribas Financial Markets purchased a new position in Apogee Therapeutics in the fourth quarter worth $219,000. 79.04% of the stock is currently owned by institutional investors.

About Apogee Therapeutics

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.