Apogee Therapeutics (NASDAQ:APGE) Stock Price Down 4.6% – Here’s Why

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) traded down 4.6% on Thursday . The stock traded as low as $38.06 and last traded at $38.60. 257,177 shares traded hands during trading, a decline of 50% from the average session volume of 513,198 shares. The stock had previously closed at $40.46.

Analysts Set New Price Targets

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

Apogee Therapeutics Price Performance

The firm’s fifty day simple moving average is $46.46 and its 200 day simple moving average is $48.92. The company has a market capitalization of $1.67 billion, a PE ratio of -15.31 and a beta of 2.26.

Insider Buying and Selling

In related news, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.07, for a total value of $307,056.55. Following the completion of the transaction, the insider now owns 260,798 shares in the company, valued at $12,014,963.86. The trade was a 2.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Thomas Henderson sold 15,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $48.85, for a total value of $732,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,309,487 shares of the company’s stock, valued at $63,968,439.95. The trade was a 1.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,955 shares of company stock valued at $3,433,962 over the last ninety days. Company insiders own 36.10% of the company’s stock.

Institutional Trading of Apogee Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in APGE. SG Americas Securities LLC grew its stake in Apogee Therapeutics by 22.2% in the 4th quarter. SG Americas Securities LLC now owns 9,890 shares of the company’s stock valued at $448,000 after acquiring an additional 1,796 shares during the period. JPMorgan Chase & Co. grew its position in shares of Apogee Therapeutics by 4.3% in the third quarter. JPMorgan Chase & Co. now owns 29,555 shares of the company’s stock valued at $1,736,000 after purchasing an additional 1,212 shares during the period. Geode Capital Management LLC increased its stake in shares of Apogee Therapeutics by 11.2% during the third quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock worth $48,401,000 after purchasing an additional 82,978 shares in the last quarter. Barclays PLC raised its position in shares of Apogee Therapeutics by 369.2% during the 3rd quarter. Barclays PLC now owns 365,046 shares of the company’s stock worth $21,443,000 after purchasing an additional 287,243 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in Apogee Therapeutics by 35.7% in the 3rd quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock valued at $282,798,000 after buying an additional 1,267,451 shares in the last quarter. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

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.