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

Apogee Therapeutics (NASDAQ:APGE) posted its earnings results on Monday. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.03, Zacks reports.

Apogee Therapeutics Price Performance

Shares of NASDAQ:APGE traded up $2.06 during midday trading on Monday, reaching $56.77. 462,538 shares of the company’s stock were exchanged, compared to its average volume of 726,940. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -13.75 and a beta of 1.50. Apogee Therapeutics has a fifty-two week low of $26.20 and a fifty-two week high of $63.50. The firm’s 50 day simple moving average is $45.64 and its two-hundred day simple moving average is $41.45.

Insider Buying and Selling

In other Apogee Therapeutics news, insider Carl Dambkowski sold 10,785 shares of the company’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $55.07, for a total transaction of $593,929.95. Following the sale, the insider owned 282,008 shares in the company, valued at $15,530,180.56. This represents a 3.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 18,620 shares of company stock valued at $900,504. Company insiders own 42.77% of the company’s stock.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

Several research firms have weighed in on APGE. Weiss Ratings reiterated a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Wednesday, October 8th. BTIG Research restated a “buy” rating and set a $115.00 target price on shares of Apogee Therapeutics in a research report on Thursday, October 9th. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Apogee Therapeutics in a research note on Monday, August 11th. Mizuho initiated coverage on shares of Apogee Therapeutics in a research note on Tuesday, October 21st. They set an “outperform” rating and a $105.00 price target for the company. Finally, Zacks Research lowered Apogee Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Apogee Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $96.50.

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.