Apogee Therapeutics (NASDAQ:APGE) Issues Quarterly Earnings Results

Apogee Therapeutics (NASDAQ:APGE) posted its quarterly earnings results on Monday. The company reported ($1.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.12) by $0.06, FiscalAI reports.

Apogee Therapeutics Price Performance

NASDAQ:APGE traded down $1.16 during trading hours on Wednesday, hitting $81.77. The company had a trading volume of 18,032 shares, compared to its average volume of 938,881. The company has a market capitalization of $5.06 billion, a PE ratio of -18.88 and a beta of 0.69. The stock has a 50-day moving average price of $80.50 and a 200 day moving average price of $73.60. Apogee Therapeutics has a 52 week low of $34.34 and a 52 week high of $95.32.

Insider Buying and Selling at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 20,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $74.78, for a total value of $1,495,600.00. Following the completion of the transaction, the chief executive officer directly owned 1,152,987 shares of the company’s stock, valued at $86,220,367.86. This represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Carl Dambkowski sold 5,500 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $84.14, for a total transaction of $462,770.00. Following the completion of the sale, the insider owned 207,023 shares of the company’s stock, valued at $17,418,915.22. This trade represents a 2.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 56,500 shares of company stock valued at $4,467,420 over the last 90 days. Company insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new position in shares of Apogee Therapeutics in the 4th quarter valued at approximately $37,000. Ensign Peak Advisors Inc bought a new position in Apogee Therapeutics in the fourth quarter worth $170,000. Quantbot Technologies LP purchased a new position in Apogee Therapeutics during the third quarter valued at $96,000. Quarry LP bought a new stake in shares of Apogee Therapeutics during the 4th quarter valued at $189,000. Finally, Vident Advisory LLC bought a new stake in shares of Apogee Therapeutics during the 4th quarter valued at $218,000. Institutional investors own 79.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Mizuho raised their price target on Apogee Therapeutics from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, March 30th. Guggenheim increased their price objective on Apogee Therapeutics from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Royal Bank Of Canada lowered their price target on shares of Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Wedbush increased their price target on shares of Apogee Therapeutics from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd. Finally, Truist Financial assumed coverage on shares of Apogee Therapeutics in a report on Tuesday, March 17th. They issued a “hold” rating and a $83.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $112.73.

About Apogee Therapeutics

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.