Apogee Therapeutics Inc. (NASDAQ:APGE) Short Interest Update

Key Points

• Short interest in Apogee Therapeutics fell sharply in June, dropping 50.7% to 5.16 million shares as of June 30. That still leaves about 11.0% of the float sold short, with a days-to-cover ratio of 0.5.
• Insiders sold shares recently, including CEO Michael Thomas Henderson and insider Carl Dambkowski, both through pre-arranged Rule 10b5-1 plans. Insiders have sold 182,900 shares worth about $21.7 million over the last three months.
• Analyst sentiment remains mixed but cautious, with the stock carrying a consensus rating of “Hold” and an average price target of $121.25. APGE was trading around $133.93, near its 52-week high of $134.14.

Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) was the recipient of a large decline in short interest during the month of June. As of June 30th, there was short interest totaling 5,161,455 shares, a decline of 50.7% from the June 15th total of 10,477,522 shares. Currently, 11.0% of the company's shares are sold short. Based on an average trading volume of 10,062,043 shares, the days-to-cover ratio is presently 0.5 days.

Insider Transactions at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $133.63, for a total value of $2,672,600.00. Following the completion of the sale, the chief executive officer owned 995,987 shares of the company's stock, valued at $133,093,742.81. This represents a 1.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $132.74, for a total transaction of $730,070.00. Following the sale, the insider owned 177,873 shares of the company's stock, valued at $23,610,862.02. This represents a 3.00% decrease in their position. 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 182,900 shares of company stock valued at $21,711,585 in the last three months. 24.30% of the stock is currently owned by insiders.

Institutional Trading of Apogee Therapeutics

A number of large investors have recently modified their holdings of APGE. 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 valued at $41,000 after purchasing an additional 89 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in Apogee Therapeutics in the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC purchased a new position in shares of Apogee Therapeutics in the 4th quarter valued at about $37,000. EverSource Wealth Advisors LLC grew its position in shares of Apogee Therapeutics by 61.7% during the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company's stock worth $54,000 after buying an additional 246 shares in the last quarter. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Apogee Therapeutics during the fourth quarter worth approximately $136,000. Hedge funds and other institutional investors own 79.04% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on APGE shares. Canaccord Genuity Group downgraded Apogee Therapeutics from a "buy" rating to a "hold" rating and lifted their target price for the company from $130.00 to $135.11 in a research report on Monday, June 22nd. The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a research report on Thursday, May 28th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Apogee Therapeutics in a research report on Monday, April 20th. Craig Hallum set a $135.11 price target on shares of Apogee Therapeutics and gave the company a "hold" rating in a research report on Monday, June 22nd. Finally, Mizuho restated a "neutral" rating and issued a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $121.25.

Apogee Therapeutics Stock Performance

Shares of APGE opened at $133.93 on Wednesday. The stock has a market capitalization of $8.29 billion, a PE ratio of -30.95 and a beta of 0.32. Apogee Therapeutics has a 1 year low of $34.34 and a 1 year high of $134.14. The company's 50-day simple moving average is $100.42 and its 200-day simple moving average is $84.84.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, beating analysts' consensus estimates of ($1.07) by $0.01. On average, sell-side analysts predict that Apogee Therapeutics will post -4.45 earnings per share for the current year.

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.

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