Apogee Therapeutics (NASDAQ:APGE) Sees Large Volume Increase – What’s Next?

Apogee Therapeutics Inc. (NASDAQ:APGE) saw unusually-strong trading volume on Tuesday . Approximately 1,804,151 shares were traded during trading, an increase of 7% from the previous session’s volume of 1,692,188 shares.The stock last traded at $132.6650 and had previously closed at $132.61.

Analyst Upgrades and Downgrades

APGE has been the subject of several research analyst reports. The Goldman Sachs Group set a $89.00 target price on shares of Apogee Therapeutics in a research report on Thursday, May 28th. Stifel Nicolaus reiterated a “hold” rating and set a $135.00 price target (up from $133.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. UBS Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the stock from $100.00 to $135.11 in a research note on Tuesday, June 23rd. Citigroup lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $125.00 to $135.00 in a report on Tuesday, June 23rd. Finally, Craig Hallum set a $135.11 price objective on Apogee Therapeutics and gave the company a “hold” rating in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Stock Up 0.0%

The business has a fifty day simple moving average of $90.26 and a 200-day simple moving average of $80.47. The firm has a market cap of $8.21 billion, a P/E ratio of -30.64 and a beta of 0.62.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.06) EPS for the quarter, beating the consensus estimate of ($1.07) by $0.01. On average, sell-side analysts anticipate that Apogee Therapeutics Inc. will post -4.45 EPS for the current fiscal year.

Insider Activity

In related news, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the completion of the transaction, the insider directly owned 179,248 shares of the company’s stock, valued at $23,768,284.80. This trade represents a 12.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 80,000 shares of Apogee Therapeutics stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the transaction, the chief executive officer directly owned 1,015,987 shares of the company’s stock, valued at approximately $134,658,916.98. This trade represents a 7.30% 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. Over the last quarter, insiders sold 182,900 shares of company stock valued at $20,427,135. 24.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Large investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. bought a new stake in shares of Apogee Therapeutics in the 4th quarter worth approximately $25,000. Los Angeles Capital Management LLC bought a new position in Apogee Therapeutics during the 4th quarter valued at approximately $37,000. EverSource Wealth Advisors LLC raised its stake in Apogee Therapeutics by 61.7% during the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after buying an additional 246 shares during the last quarter. Quantbot Technologies LP purchased a new position in Apogee Therapeutics during the third quarter valued at $96,000. Finally, Seven Fleet Capital Management LP bought a new stake in Apogee Therapeutics in the fourth quarter worth $136,000. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

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 RORγt, a master regulator of T cell-driven inflammatory pathways. By modulating RORγt 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 RORγt inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.