Apogee Therapeutics (NASDAQ:APGE) Announces Quarterly Earnings Results

Apogee Therapeutics (NASDAQ:APGE) posted its quarterly earnings data on Monday. The company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of ($1.07) by ($0.07), FiscalAI reports.

Apogee Therapeutics Stock Down 0.1%

NASDAQ:APGE traded down $0.10 on Wednesday, hitting $134.59. The stock had a trading volume of 188,030 shares, compared to its average volume of 1,657,967. The business’s 50-day simple moving average is $121.58 and its two-hundred day simple moving average is $92.70. The stock has a market cap of $8.33 billion, a price-to-earnings ratio of -31.01 and a beta of 0.35. Apogee Therapeutics has a 52-week low of $35.39 and a 52-week high of $134.88.

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $134.17, for a total transaction of $737,935.00. Following the completion of the sale, the insider owned 168,498 shares of the company’s stock, valued at approximately $22,607,376.66. The trade was a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total value of $2,672,600.00. Following the sale, the chief executive officer owned 995,987 shares of the company’s stock, valued at $133,093,742.81. This represents a 1.97% 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. In the last three months, insiders have sold 162,900 shares of company stock valued at $20,344,950. Insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of APGE. Los Angeles Capital Management LLC bought a new stake in shares of Apogee Therapeutics during the fourth quarter worth $37,000. Quantbot Technologies LP bought a new position in shares of Apogee Therapeutics in the third quarter worth about $96,000. BNP Paribas Financial Markets increased its stake in Apogee Therapeutics by 34.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,649 shares of the company’s stock worth $158,000 after buying an additional 941 shares during the period. Ensign Peak Advisors Inc purchased a new position in Apogee Therapeutics in the 4th quarter worth about $170,000. Finally, Quarry LP bought a new stake in Apogee Therapeutics during the 4th quarter valued at about $189,000. Institutional investors own 79.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on APGE shares. Truist Financial reduced their price objective on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, May 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Apogee Therapeutics in a research note on Friday, July 17th. Mizuho restated a “neutral” rating and set a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Rothschild & Co Redburn assumed coverage on Apogee Therapeutics in a research report on Friday, May 1st. They issued a “buy” rating and a $140.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and upped their price target for the stock from $116.00 to $135.00 in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, sixteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $121.25.

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.