Apogee Therapeutics (NASDAQ:APGE) Releases Earnings Results, Misses Expectations By $0.10 EPS

Key Points

• Apogee Therapeutics reported a quarterly earnings loss of ($1.13) per share, missing analysts' estimates of ($1.08) by ($0.05).
• Despite recent insider selling, analysts maintain a positive outlook, with multiple upgrades, including a target price increase from $100.00 to $115.00 by BTIG Research.
• Insider ownership remains significant, with insiders holding 42.77% of the company's stock, suggesting confidence in the company’s long-term prospects.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) released its quarterly earnings data on Monday. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.10), Zacks reports.

Apogee Therapeutics Price Performance

APGE stock traded up $0.55 during mid-day trading on Tuesday, reaching $35.20. 112,988 shares of the company traded hands, compared to its average volume of 750,472. The company has a market capitalization of $1.62 billion, a P/E ratio of -9.78 and a beta of 1.43. Apogee Therapeutics has a 52-week low of $26.20 and a 52-week high of $63.50. The company has a fifty day moving average price of $40.14 and a 200-day moving average price of $37.97.

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 10,090 shares of Apogee Therapeutics stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $45.09, for a total value of $454,958.10. Following the sale, the insider owned 238,998 shares in the company, valued at $10,776,419.82. The trade was a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 15,540 shares of company stock worth $658,625. 42.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several large investors have recently bought and sold shares of APGE. Creative Planning bought a new position in shares of Apogee Therapeutics during the 2nd quarter valued at approximately $392,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Apogee Therapeutics by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock valued at $921,000 after acquiring an additional 694 shares during the period. Legal & General Group Plc lifted its holdings in Apogee Therapeutics by 7.4% in the 2nd quarter. Legal & General Group Plc now owns 27,689 shares of the company's stock worth $1,203,000 after purchasing an additional 1,907 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Apogee Therapeutics by 100.0% during the 1st quarter. Millennium Management LLC now owns 260,335 shares of the company's stock worth $9,726,000 after acquiring an additional 130,164 shares in the last quarter. 79.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on APGE shares. Citigroup restated a "buy" rating on shares of Apogee Therapeutics in a research report on Monday, July 7th. Wedbush restated an "outperform" rating and issued a $90.00 price objective on shares of Apogee Therapeutics in a research note on Monday. BTIG Research increased their price target on shares of Apogee Therapeutics from $100.00 to $115.00 and gave the company a "buy" rating in a report on Monday, July 7th. Finally, Guggenheim reissued a "buy" rating and issued a $116.00 price target on shares of Apogee Therapeutics in a report on Wednesday, July 2nd. Six analysts have rated the stock with a buy rating, According to MarketBeat, Apogee Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $99.00.

About Apogee Therapeutics

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.