Apogee Therapeutics (NASDAQ:APGE) Stock Price Down 7.6% - Time to Sell?

Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report)'s stock price traded down 7.6% during trading on Tuesday . The stock traded as low as $36.70 and last traded at $36.26. 792,265 shares were traded during trading, an increase of 35% from the average session volume of 588,927 shares. The stock had previously closed at $39.24.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Apogee Therapeutics in a report on Monday. Guggenheim restated a "buy" rating and set a $116.00 price objective on shares of Apogee Therapeutics in a report on Wednesday, July 2nd. Citigroup restated a "buy" rating on shares of Apogee Therapeutics in a report on Monday. Finally, BTIG Research boosted their price objective on shares of Apogee Therapeutics from $100.00 to $115.00 and gave the company a "buy" rating in a report on Monday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Apogee Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $99.00.

Apogee Therapeutics Price Performance

The stock's 50 day simple moving average is $40.31 and its two-hundred day simple moving average is $38.91. The stock has a market cap of $1.73 billion, a P/E ratio of -10.47 and a beta of 1.47.

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

Insider Activity at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 10,090 shares of the business's 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 of the company's stock, valued at $10,776,419.82. The trade was a 4.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 15,540 shares of company stock valued at $653,093 over the last 90 days. Insiders own 42.77% of the company's stock.

Institutional Trading of Apogee Therapeutics

A number of institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Apogee Therapeutics by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock worth $921,000 after purchasing an additional 694 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Apogee Therapeutics during the fourth quarter worth $43,000. Arizona State Retirement System raised its position in Apogee Therapeutics by 17.3% during the fourth quarter. Arizona State Retirement System now owns 6,517 shares of the company's stock worth $295,000 after acquiring an additional 960 shares in the last quarter. Granahan Investment Management LLC raised its position in Apogee Therapeutics by 1.2% during the fourth quarter. Granahan Investment Management LLC now owns 92,854 shares of the company's stock worth $4,206,000 after acquiring an additional 1,097 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in Apogee Therapeutics during the first quarter worth $42,000. Institutional investors own 79.04% of the company's stock.

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.