Glazer Capital LLC Buys New Position in Apogee Therapeutics Inc. $APGE

Glazer Capital LLC acquired a new position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 1,641,042 shares of the company’s stock, valued at approximately $217,816,000. Apogee Therapeutics makes up 5.4% of Glazer Capital LLC’s investment portfolio, making the stock its 3rd biggest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rockefeller Capital Management L.P. bought a new position in Apogee Therapeutics during the fourth quarter worth $25,000. Los Angeles Capital Management LLC acquired a new position in Apogee Therapeutics during the 4th quarter worth approximately $37,000. GAMMA Investing LLC boosted its holdings in Apogee Therapeutics by 40.5% in the second quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock worth $41,000 after acquiring an additional 89 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Apogee Therapeutics by 61.7% in the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after acquiring an additional 246 shares during the period. Finally, Longfellow Investment Management Co. LLC acquired a new stake in Apogee Therapeutics in the second quarter valued at approximately $81,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

Apogee Therapeutics Stock Up 0.0%

APGE stock opened at $134.96 on Friday. The firm has a market capitalization of $8.39 billion, a PE ratio of -31.10 and a beta of 0.34. Apogee Therapeutics Inc. has a twelve month low of $35.39 and a twelve month high of $134.99. The stock’s 50 day moving average is $133.10 and its 200-day moving average is $98.29.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, August 10th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.07) by ($0.07). On average, equities research analysts anticipate that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on APGE. Guggenheim downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group set a $89.00 price objective on shares of Apogee Therapeutics in a report on Thursday, May 28th. Royal Bank Of Canada raised their price objective on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Monday, June 8th. Deutsche Bank Aktiengesellschaft cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their price objective for the company from $116.00 to $135.00 in a report on Monday, June 22nd. Finally, BTIG Research downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $126.77.

Insiders Place Their Bets

In related news, CEO Michael Thomas Henderson sold 80,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the transaction, the chief executive officer directly owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. This trade represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the transaction, the insider owned 179,248 shares in the company, valued at approximately $23,768,284.80. This trade represents a 12.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 162,900 shares of company stock worth $20,344,950 over the last ninety days. Insiders own 24.30% of the company’s stock.

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.