Apogee Therapeutics (NASDAQ:APGE) Posts Earnings Results, Beats Estimates By $0.03 EPS

Apogee Therapeutics (NASDAQ:APGE) released its quarterly earnings data on Monday. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.03, Zacks reports.

Apogee Therapeutics Stock Performance

NASDAQ APGE traded up $1.99 during trading hours on Monday, hitting $56.70. The company had a trading volume of 377,299 shares, compared to its average volume of 726,871. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of -13.73 and a beta of 1.50. Apogee Therapeutics has a 52 week low of $26.20 and a 52 week high of $63.50. The firm has a 50 day simple moving average of $45.64 and a 200 day simple moving average of $41.45.

Insiders Place Their Bets

In related news, insider Carl Dambkowski sold 10,785 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $55.07, for a total value of $593,929.95. Following the transaction, the insider owned 282,008 shares of the company’s stock, valued at $15,530,180.56. This represents a 3.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 18,620 shares of company stock worth $900,504. Corporate insiders own 42.77% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its position in shares of 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 purchasing an additional 941 shares during the last quarter. E Fund Management Co. Ltd. bought a new stake in Apogee Therapeutics in the 2nd quarter worth approximately $204,000. Tower Research Capital LLC TRC lifted its holdings in Apogee Therapeutics by 754.7% in the second quarter. Tower Research Capital LLC TRC now owns 8,419 shares of the company’s stock valued at $366,000 after acquiring an additional 7,434 shares during the period. Creative Planning purchased a new position in shares of Apogee Therapeutics in the second quarter worth approximately $392,000. Finally, WINTON GROUP Ltd bought a new position in Apogee Therapeutics in the 2nd quarter worth $635,000. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on APGE. Citigroup reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, August 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Apogee Therapeutics in a report on Wednesday, October 8th. Mizuho began coverage on shares of Apogee Therapeutics in a research note on Tuesday, October 21st. They set an “outperform” rating and a $105.00 price target for the company. Bank of America raised their price objective on shares of Apogee Therapeutics from $78.00 to $87.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Apogee Therapeutics in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $96.50.

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.