Insider Selling: Apogee Therapeutics (NASDAQ:APGE) Director Sells $133,525,000.00 in Stock

Apogee Therapeutics Inc. (NASDAQ:APGE) Director Fairmount Funds Management Llc sold 1,750,000 shares of Apogee Therapeutics 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 transaction, the director owned 298,647 shares in the company, valued at approximately $22,786,766.10. The trade was a 85.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Apogee Therapeutics Trading Down 12.3%

Shares of NASDAQ:APGE opened at $70.02 on Friday. Apogee Therapeutics Inc. has a 12 month low of $26.20 and a 12 month high of $84.56. The company has a market cap of $4.78 billion, a price-to-earnings ratio of -15.99 and a beta of 1.41. The company has a 50-day moving average price of $75.10 and a 200-day moving average price of $54.44.

Apogee Therapeutics (NASDAQ:APGE) last announced its earnings results on Monday, November 10th. The company reported ($1.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.03. As a group, research analysts forecast that Apogee Therapeutics Inc. will post -3.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on APGE shares. Wolfe Research initiated coverage on shares of Apogee Therapeutics in a report on Wednesday, January 7th. They issued a “peer perform” rating for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Apogee Therapeutics in a report on Tuesday, December 9th. They issued a “buy” rating and a $103.00 price objective for the company. BTIG Research set a $137.00 target price on Apogee Therapeutics in a research note on Tuesday, January 6th. Craig Hallum reissued a “buy” rating and issued a $116.00 target price on shares of Apogee Therapeutics in a report on Wednesday, January 7th. Finally, Stifel Nicolaus set a $133.00 price target on Apogee Therapeutics in a report on Tuesday, January 6th. Three research 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $105.45.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of APGE. Wellington Management Group LLP lifted its holdings in Apogee Therapeutics by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company’s stock worth $187,673,000 after purchasing an additional 917,991 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Apogee Therapeutics by 6.5% in the third quarter. Vanguard Group Inc. now owns 2,245,631 shares of the company’s stock worth $89,219,000 after buying an additional 136,693 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its holdings in shares of Apogee Therapeutics by 58.7% in the third quarter. Paradigm Biocapital Advisors LP now owns 1,521,757 shares of the company’s stock worth $60,459,000 after buying an additional 563,127 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Apogee Therapeutics by 2.2% during the third quarter. Alliancebernstein L.P. now owns 1,419,132 shares of the company’s stock worth $56,382,000 after acquiring an additional 30,983 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in Apogee Therapeutics by 77.5% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,290,464 shares of the company’s stock valued at $56,045,000 after acquiring an additional 563,464 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

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.