Moore Capital Management LP Takes Position in Apogee Therapeutics Inc. $APGE

Moore Capital Management LP acquired a new stake in Apogee Therapeutics Inc. (NASDAQ:APGE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 20,000 shares of the company’s stock, valued at approximately $2,655,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of APGE. BlackRock Inc. acquired a new position in shares of Apogee Therapeutics in the second quarter valued at approximately $730,948,000. T. Rowe Price Investment Management Inc. increased its stake in Apogee Therapeutics by 189,522.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock worth $206,246,000 after buying an additional 2,731,015 shares during the period. Glazer Capital LLC acquired a new stake in Apogee Therapeutics during the 2nd quarter worth approximately $217,816,000. Janus Henderson Group PLC lifted its holdings in Apogee Therapeutics by 324.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company’s stock worth $155,697,000 after buying an additional 1,576,626 shares in the last quarter. Finally, Pentwater Capital Management LP purchased a new position in Apogee Therapeutics in the 2nd quarter valued at approximately $189,140,000. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on APGE. Guggenheim lowered Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 23rd. Canaccord Genuity Group lowered Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their target price for the company from $130.00 to $135.11 in a report on Monday, June 22nd. Citigroup cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $125.00 to $135.00 in a research note on Tuesday, June 23rd. UBS Group downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the stock from $100.00 to $135.11 in a report on Tuesday, June 23rd. Finally, The Goldman Sachs Group set a $89.00 price target on Apogee Therapeutics in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $126.77.

Insider Activity

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total transaction of $2,672,600.00. Following the transaction, the chief executive officer owned 995,987 shares of the company’s stock, valued at $133,093,742.81. The trade was a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $134.17, for a total value 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. This represents a 3.16% 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. Insiders sold a total of 162,900 shares of company stock valued at $20,344,950 over the last three months. Company insiders own 24.30% of the company’s stock.

Apogee Therapeutics Price Performance

NASDAQ APGE opened at $135.08 on Tuesday. The firm’s fifty day moving average price is $134.04 and its 200 day moving average price is $99.30. The company has a market capitalization of $8.40 billion, a price-to-earnings ratio of -31.12 and a beta of 0.35. Apogee Therapeutics Inc. has a 12 month low of $35.39 and a 12 month high of $135.08.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, August 10th. The company reported ($1.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.07). As a group, sell-side analysts forecast that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current year.

Apogee Therapeutics 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.