Apogee Therapeutics (NASDAQ:APGE) Shares Down 7.6% - Should You Sell?

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

Analyst Upgrades and Downgrades

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

Apogee Therapeutics Stock Performance

The firm has a market capitalization of $1.73 billion, a P/E ratio of -10.45 and a beta of 1.47. The business has a 50 day simple moving average of $40.30 and a two-hundred day simple moving average of $38.85.

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

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 10,090 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $45.09, for a total transaction of $454,958.10. Following the completion of the sale, the insider directly owned 238,998 shares in the company, valued at $10,776,419.82. This represents a 4.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders sold 15,540 shares of company stock worth $653,093. 42.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in APGE. Octagon Capital Advisors LP purchased a new position in shares of Apogee Therapeutics in the first quarter worth $399,752,000. Wellington Management Group LLP grew its holdings in Apogee Therapeutics by 21.4% during the first quarter. Wellington Management Group LLP now owns 5,485,754 shares of the company's stock valued at $204,948,000 after purchasing an additional 968,391 shares during the period. Driehaus Capital Management LLC grew its holdings in Apogee Therapeutics by 2.8% during the fourth quarter. Driehaus Capital Management LLC now owns 2,605,310 shares of the company's stock valued at $118,021,000 after purchasing an additional 71,703 shares during the period. Alliancebernstein L.P. lifted its position in shares of Apogee Therapeutics by 13.5% in the fourth quarter. Alliancebernstein L.P. now owns 1,355,185 shares of the company's stock valued at $61,390,000 after acquiring an additional 160,822 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP lifted its position in shares of Apogee Therapeutics by 82.9% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 1,283,766 shares of the company's stock valued at $58,155,000 after acquiring an additional 581,949 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company's stock.

Apogee Therapeutics Company Profile

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.