Apogee Therapeutics (NASDAQ:APGE) Trading Down 8% – Should You Sell?

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares traded down 8% during mid-day trading on Monday . The company traded as low as $36.76 and last traded at $36.54. 153,749 shares changed hands during trading, a decline of 69% from the average session volume of 489,212 shares. The stock had previously closed at $39.72.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on APGE shares. Citigroup assumed coverage on Apogee Therapeutics in a report on Thursday, March 13th. They issued a “buy” rating and a $95.00 price objective for the company. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Apogee Therapeutics in a report on Tuesday, March 11th. Finally, Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a report on Monday, February 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $92.17.

Apogee Therapeutics Stock Performance

The business’s fifty day moving average price is $37.57 and its two-hundred day moving average price is $45.95. The firm has a market capitalization of $1.69 billion, a P/E ratio of -15.66 and a beta of 2.46.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($1.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.94) by ($0.25). Sell-side analysts predict that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current year.

Insider Activity at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 4,085 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $46.94, for a total value of $191,749.90. Following the completion of the transaction, the insider now directly owns 255,348 shares in the company, valued at $11,986,035.12. This trade represents a 1.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $48.85, for a total value of $732,750.00. Following the sale, the chief executive officer now directly owns 1,309,487 shares of the company’s stock, valued at $63,968,439.95. This trade represents a 1.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,195 shares of company stock valued at $2,026,392 in the last three months. 36.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Apogee Therapeutics

A number of institutional investors have recently bought and sold shares of APGE. Wellington Management Group LLP increased its stake in shares of Apogee Therapeutics by 35.7% in the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock worth $282,798,000 after acquiring an additional 1,267,451 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Apogee Therapeutics during the fourth quarter worth about $32,621,000. Janus Henderson Group PLC grew its holdings in Apogee Therapeutics by 141.7% during the fourth quarter. Janus Henderson Group PLC now owns 1,135,100 shares of the company’s stock worth $51,455,000 after acquiring an additional 665,543 shares during the period. Paradigm Biocapital Advisors LP lifted its holdings in Apogee Therapeutics by 82.9% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 1,283,766 shares of the company’s stock valued at $58,155,000 after acquiring an additional 581,949 shares during the period. Finally, Jefferies Financial Group Inc. grew its stake in shares of Apogee Therapeutics by 140.4% during the 4th quarter. Jefferies Financial Group Inc. now owns 887,497 shares of the company’s stock worth $40,204,000 after purchasing an additional 518,300 shares during the period. 79.04% of the stock is owned by hedge funds and other institutional investors.

Apogee Therapeutics Company Profile

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.