Engineers Gate Manager LP Purchases New Shares in Apogee Therapeutics Inc. $APGE

Engineers Gate Manager LP purchased a new position in Apogee Therapeutics Inc. (NASDAQ:APGE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,393 shares of the company’s stock, valued at approximately $2,839,000.

Other institutional investors have also added to or reduced their stakes in the company. Maven Securities LTD lifted its position in Apogee Therapeutics by 360.1% during the second quarter. Maven Securities LTD now owns 115,018 shares of the company’s stock valued at $15,266,000 after buying an additional 90,018 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Apogee Therapeutics by 658.1% during the 2nd quarter. Squarepoint Ops LLC now owns 290,713 shares of the company’s stock valued at $38,586,000 after buying an additional 252,365 shares in the last quarter. Carmignac Gestion purchased a new stake in shares of Apogee Therapeutics in the 2nd quarter worth about $5,903,000. Nykredit A S purchased a new stake in shares of Apogee Therapeutics in the 2nd quarter worth about $174,000. Finally, Corient Private Wealth LP bought a new position in shares of Apogee Therapeutics in the 2nd quarter worth about $680,000. Institutional investors own 79.04% of the company’s stock.

Insider Buying and Selling at Apogee Therapeutics

In related news, CEO Michael Henderson sold 80,000 shares of Apogee Therapeutics stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $132.54, for a total value of $10,603,200.00. Following the completion of the sale, the chief executive officer owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total value of $3,500,640.00. Following the sale, the insider owned 179,248 shares of the company’s stock, valued at approximately $23,768,284.80. This trade represents a 12.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 137,400 shares of company stock worth $18,244,445 over the last three months. Insiders own 24.30% of the company’s stock.

Wall Street Analysts Forecast Growth

APGE has been the subject of a number of recent research reports. Canaccord Genuity Group cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their price target for the company from $130.00 to $135.11 in a research report on Monday, June 22nd. Stifel Nicolaus restated a “hold” rating and issued a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. BTIG Research downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 12th. Deutsche Bank Aktiengesellschaft lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their target price for the company from $116.00 to $135.00 in a report on Monday, June 22nd. Finally, The Goldman Sachs Group set a $89.00 price target on Apogee Therapeutics in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $126.77.

Apogee Therapeutics Price Performance

Shares of APGE stock opened at $135.07 on Monday. The firm has a market capitalization of $8.40 billion, a PE ratio of -31.12 and a beta of 0.33. The company has a 50 day moving average price of $134.46 and a 200-day moving average price of $103.51. Apogee Therapeutics Inc. has a 52 week low of $35.39 and a 52 week high of $135.09.

Apogee Therapeutics (NASDAQ:APGE) last issued its earnings results on Monday, August 10th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.07) by ($0.07). Analysts anticipate that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current year.

About Apogee Therapeutics

Apogee Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing next-generation biologic medicines for inflammatory and immunologic diseases. The company’s approach centers on designing therapies with extended half-lives and other potentially differentiated properties intended to improve treatment durability and patient convenience.

Apogee’s pipeline includes APG777, an extended-half-life monoclonal antibody that targets interleukin-13 (IL-13), a cytokine involved in allergic inflammation.