Apogee Therapeutics (NASDAQ:APGE) Shares Gap Down – What’s Next?

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE) gapped down prior to trading on Wednesday . The stock had previously closed at $82.81, but opened at $78.00. Apogee Therapeutics shares last traded at $82.0040, with a volume of 1,210,931 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on APGE. Rothschild & Co Redburn began coverage on shares of Apogee Therapeutics in a report on Friday, May 1st. They set a “buy” rating and a $140.00 price target on the stock. Royal Bank Of Canada decreased their price target on shares of Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating on the stock in a report on Monday, March 2nd. Wedbush lifted their price target on shares of Apogee Therapeutics from $120.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday. Guggenheim lifted their price target on shares of Apogee Therapeutics from $130.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Finally, Truist Financial began coverage on shares of Apogee Therapeutics in a report on Tuesday, March 17th. They set a “hold” rating and a $83.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Apogee Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $115.40.

Apogee Therapeutics Stock Performance

The firm’s fifty day moving average is $82.28 and its 200-day moving average is $75.46. The company has a market capitalization of $4.85 billion, a P/E ratio of -18.12 and a beta of 0.69.

Apogee Therapeutics (NASDAQ:APGE) last posted its earnings results on Monday, May 11th. The company reported ($1.06) EPS for the quarter, topping the consensus estimate of ($1.07) by $0.01. As a group, analysts expect that Apogee Therapeutics Inc. will post -4.48 EPS for the current fiscal year.

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $84.14, for a total transaction of $462,770.00. Following the sale, the insider directly owned 207,023 shares in the company, valued at $17,418,915.22. This trade represents a 2.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $82.09, for a total transaction of $1,641,800.00. Following the completion of the transaction, the chief executive officer owned 1,115,987 shares in the company, valued at $91,611,372.83. This trade represents a 1.76% decrease in their position. 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 have sold 76,500 shares of company stock worth $6,109,220. 24.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of APGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Apogee Therapeutics by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company’s stock valued at $921,000 after acquiring an additional 694 shares during the period. Millennium Management LLC increased its stake in Apogee Therapeutics by 100.0% during the 1st quarter. Millennium Management LLC now owns 260,335 shares of the company’s stock valued at $9,726,000 after purchasing an additional 130,164 shares in the last quarter. Creative Planning bought a new stake in Apogee Therapeutics during the 2nd quarter valued at $392,000. Legal & General Group Plc increased its stake in Apogee Therapeutics by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 27,689 shares of the company’s stock valued at $1,203,000 after purchasing an additional 1,907 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Apogee Therapeutics by 10,570.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company’s stock valued at $945,000 after purchasing an additional 21,564 shares in the last quarter. Institutional investors and hedge funds own 79.04% of the company’s stock.

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.