Apogee Therapeutics (NASDAQ:APGE) Trading Down 9.1% Following Insider Selling

by · The Cerbat Gem

Apogee Therapeutics, Inc. (NASDAQ:APGE – Get Free Report) shares dropped 9.1% during trading on Friday following insider selling activity. The company traded as low as $44.45 and last traded at $44.71. Approximately 51,379 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 287,248 shares. The stock had previously closed at $49.21.

Specifically, CEO Michael Thomas Henderson sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $63,968,439.95. This trade represents a 1.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on APGE. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research report on Monday, November 25th. They set a “buy” rating and a $89.00 price target for the company. Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a research report on Monday, November 25th. They issued a “buy” rating and a $89.00 target price for the company. Wedbush boosted their price target on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Finally, Guggenheim reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Apogee Therapeutics has an average rating of “Buy” and a consensus target price of $89.71.

View Our Latest Report on Apogee Therapeutics

Apogee Therapeutics Stock Performance

The stock’s fifty day simple moving average is $48.43 and its two-hundred day simple moving average is $49.00. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -16.96 and a beta of 2.26.

Institutional Trading of Apogee Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in APGE. Wellington Management Group LLP grew its position in 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 buying an additional 1,267,451 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Apogee Therapeutics by 2.6% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,117,870 shares of the company’s stock worth $83,338,000 after acquiring an additional 54,107 shares during the last quarter. Perceptive Advisors LLC raised its position in shares of Apogee Therapeutics by 2.2% during the second quarter. Perceptive Advisors LLC now owns 2,105,636 shares of the company’s stock worth $82,857,000 after purchasing an additional 45,241 shares during the period. Affinity Asset Advisors LLC lifted its holdings in shares of Apogee Therapeutics by 41.2% during the second quarter. Affinity Asset Advisors LLC now owns 836,283 shares of the company’s stock valued at $32,908,000 after purchasing an additional 244,190 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Apogee Therapeutics by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock valued at $48,401,000 after purchasing an additional 82,978 shares during the period. 79.04% of the stock is owned by institutional investors and hedge funds.

Apogee Therapeutics Company Profile

(Get Free Report)

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.

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