Apogee Therapeutics (NASDAQ:APGE) Sees Unusually-High Trading Volume - What's Next?

Key Points

• Apogee Therapeutics saw unusually heavy trading, with about 1.8 million shares changing hands, while the stock was essentially flat around $132.66.
• Wall Street sentiment is mixed but mostly cautious: several firms recently adjusted targets into the $135 range, and the overall consensus rating remains Hold with an average price target of $121.25.
• Insiders have been selling shares, including CEO Michael Thomas Henderson and insider Carl Dambkowski, while institutional ownership remains high at 79.04%. The company is a clinical-stage biotech focused on its lead candidate APG-157 for plaque psoriasis.

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) saw an uptick in trading volume on Tuesday . Approximately 1,804,151 shares changed hands during mid-day trading, an increase of 7% from the previous session's volume of 1,692,188 shares.The stock last traded at $132.6650 and had previously closed at $132.61.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on APGE shares. BTIG Research reaffirmed a "buy" rating and issued a $137.00 price objective on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Canaccord Genuity Group cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and lifted their target price for the stock from $130.00 to $135.11 in a research report on Monday, June 22nd. Stifel Nicolaus reissued a "hold" rating and issued a $135.00 price target (up from $133.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. UBS Group lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and upped their price target for the company from $100.00 to $135.11 in a research report on Tuesday, June 23rd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Apogee Therapeutics in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $121.25.

Apogee Therapeutics Stock Up 0.0%

The company has a 50-day simple moving average of $90.26 and a two-hundred day simple moving average of $80.47. The stock has a market cap of $8.21 billion, a P/E ratio of -30.64 and a beta of 0.62.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.01. As a group, sell-side analysts forecast that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 80,000 shares of the company'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 completion of the transaction, the chief executive officer directly owned 1,015,987 shares of the company's stock, valued at approximately $134,658,916.98. This represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the 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 sale, the insider owned 179,248 shares of the company's stock, valued at approximately $23,768,284.80. This represents a 12.84% decrease in their ownership of the stock. 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 have sold a total of 182,900 shares of company stock valued at $20,427,135 in the last three months. 24.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in Apogee Therapeutics by 0.5% in the 4th quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company's stock worth $358,272,000 after buying an additional 22,884 shares during the period. Vanguard Group Inc. increased its stake in shares of Apogee Therapeutics by 27.3% during the fourth quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company's stock valued at $215,709,000 after buying an additional 612,193 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in shares of Apogee Therapeutics by 189,522.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company's stock valued at $206,246,000 after buying an additional 2,731,015 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Apogee Therapeutics by 14.4% during the first quarter. Janus Henderson Group PLC now owns 2,360,596 shares of the company's stock valued at $198,809,000 after acquiring an additional 297,992 shares in the last quarter. Finally, Perceptive Advisors LLC raised its holdings in shares of Apogee Therapeutics by 72.4% during the fourth quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company's stock valued at $175,918,000 after acquiring an additional 978,662 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.