Apogee Therapeutics (NASDAQ:APGE) Shares Down 10.2% After Insider Selling

Apogee Therapeutics Inc. (NASDAQ:APGE)’s stock price dropped 10.2% during trading on Friday after an insider sold shares in the company. The company traded as low as $70.91 and last traded at $71.7120. Approximately 371,580 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 868,492 shares. The stock had previously closed at $79.86.

Specifically, Director Fairmount Funds Management Llc sold 1,750,000 shares of the company’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the completion of the sale, the director owned 298,647 shares in the company, valued at approximately $22,786,766.10. This represents a 85.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

APGE has been the subject of a number of recent research reports. Stephens initiated coverage on Apogee Therapeutics in a research note on Tuesday, December 16th. They set an “overweight” rating and a $95.00 price target for the company. Royal Bank Of Canada downgraded shares of Apogee Therapeutics from an “outperform” rating to a “sector perform” rating and raised their price objective for the stock from $70.00 to $83.00 in a report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Wednesday. Craig Hallum reaffirmed a “buy” rating and set a $116.00 target price on shares of Apogee Therapeutics in a report on Wednesday, January 7th. Finally, Wolfe Research began coverage on shares of Apogee Therapeutics in a research report on Wednesday, January 7th. They issued a “peer perform” rating on the stock. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $105.45.

Apogee Therapeutics Trading Down 12.3%

The company has a market cap of $4.78 billion, a P/E ratio of -15.99 and a beta of 1.41. The business’s 50 day simple moving average is $75.10 and its 200 day simple moving average is $54.44.

Apogee Therapeutics (NASDAQ:APGE) last issued its earnings results on Monday, November 10th. The company reported ($1.11) EPS for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.03. Sell-side analysts anticipate that Apogee Therapeutics Inc. will post -3.09 EPS for the current year.

Institutional Investors Weigh In On Apogee Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Lisanti Capital Growth LLC bought a new stake in Apogee Therapeutics during the 2nd quarter valued at $800,000. Fox Run Management L.L.C. purchased a new stake in shares of Apogee Therapeutics during the 2nd quarter worth $437,000. Allspring Global Investments Holdings LLC bought a new stake in Apogee Therapeutics during the second quarter valued at about $218,000. SG Americas Securities LLC bought a new stake in Apogee Therapeutics during the third quarter valued at about $5,333,000. Finally, Prudential Financial Inc. grew its stake in Apogee Therapeutics by 176.4% in the second quarter. Prudential Financial Inc. now owns 68,845 shares of the company’s stock valued at $2,990,000 after purchasing an additional 43,940 shares during the last quarter. 79.04% of the stock is owned by institutional investors.

Apogee Therapeutics Company Profile

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.