Apogee Therapeutics (NASDAQ:APGE) Trading Down 3% - What's Next?

Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report)'s share price dropped 3% on Tuesday . The company traded as low as $38.35 and last traded at $38.31. Approximately 83,134 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 522,921 shares. The stock had previously closed at $39.48.

Wall Street Analysts Forecast Growth

APGE has been the subject of a number of recent research reports. Wedbush reiterated an "outperform" rating and issued a $90.00 price objective on shares of Apogee Therapeutics in a research note on Tuesday, March 11th. Citigroup started coverage on shares of Apogee Therapeutics in a report on Thursday, March 13th. They issued a "buy" rating and a $95.00 price target for the company. Finally, Guggenheim reissued a "buy" rating on shares of Apogee Therapeutics in a report on Monday, February 10th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Apogee Therapeutics currently has an average rating of "Buy" and an average price target of $94.60.

Apogee Therapeutics Trading Down 2.0%

The company's fifty day simple moving average is $36.46 and its 200 day simple moving average is $39.83. The stock has a market capitalization of $1.70 billion, a P/E ratio of -15.26 and a beta of 1.70.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.95) EPS for the quarter, beating the consensus estimate of ($1.19) by $0.24. Equities research analysts predict that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current year.

Insider Transactions at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 10,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $30.15, for a total transaction of $301,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,292,987 shares of the company's stock, valued at approximately $38,983,558.05. The trade was a 0.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Carl Dambkowski sold 3,860 shares of Apogee Therapeutics stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $36.22, for a total transaction of $139,809.20. Following the sale, the insider now directly owns 247,173 shares of the company's stock, valued at $8,952,606.06. This represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,175 shares of company stock valued at $587,191. Insiders own 42.77% of the company's stock.

Institutional Trading of Apogee Therapeutics

Several hedge funds have recently added to or reduced their stakes in APGE. Barclays PLC lifted its stake in Apogee Therapeutics by 369.2% in the third 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. SG Americas Securities LLC lifted its stake in Apogee Therapeutics by 22.2% in the fourth quarter. SG Americas Securities LLC now owns 9,890 shares of the company's stock worth $448,000 after purchasing an additional 1,796 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Apogee Therapeutics by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,547 shares of the company's stock worth $432,000 after purchasing an additional 892 shares during the last quarter. Rhumbline Advisers lifted its stake in Apogee Therapeutics by 3.4% in the fourth quarter. Rhumbline Advisers now owns 52,720 shares of the company's stock worth $2,388,000 after purchasing an additional 1,750 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in Apogee Therapeutics by 8.9% in the fourth quarter. New York State Common Retirement Fund now owns 12,187 shares of the company's stock worth $552,000 after purchasing an additional 1,000 shares during the last quarter. 79.04% of the stock is owned by institutional investors.

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.