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

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) 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 traded hands during mid-day trading, an increase of 35% from the average session volume of 588,927 shares. The stock had previously closed at $39.24.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. BTIG Research upped their price objective on shares of Apogee Therapeutics from $100.00 to $115.00 and gave the stock a "buy" rating in a report on Monday. Wedbush restated an "outperform" rating and issued a $90.00 price objective on shares of Apogee Therapeutics in a report on Monday. Guggenheim reiterated a "buy" rating and set a $116.00 target price on shares of Apogee Therapeutics in a report on Wednesday, July 2nd. Finally, Citigroup reiterated a "buy" rating on shares of Apogee Therapeutics in a report on Monday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Apogee Therapeutics presently has an average rating of "Buy" and an average price target of $99.00.

Apogee Therapeutics Trading Up 4.2%

The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of -10.71 and a beta of 1.47. The stock's fifty day simple moving average is $40.30 and its 200-day simple moving average is $38.85.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings data 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. On average, analysts anticipate that Apogee Therapeutics Inc. will post -3.09 EPS for the current fiscal year.

Insider Buying and Selling at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 10,090 shares of the firm'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 directly owned 238,998 shares in the company, valued at approximately $10,776,419.82. This trade represents a 4.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have sold 15,540 shares of company stock valued at $653,093. 42.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Arizona State Retirement System raised its stake in Apogee Therapeutics by 17.3% during the 4th 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. Swiss National Bank raised its stake in Apogee Therapeutics by 17.5% during the 4th quarter. Swiss National Bank now owns 44,300 shares of the company's stock worth $2,007,000 after acquiring an additional 6,600 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in Apogee Therapeutics during the 4th quarter worth $1,099,000. Commonwealth Equity Services LLC acquired a new stake in Apogee Therapeutics during the 4th quarter worth $222,000. Finally, Intech Investment Management LLC raised its stake in Apogee Therapeutics by 232.0% during the 4th quarter. Intech Investment Management LLC now owns 16,934 shares of the company's stock worth $767,000 after acquiring an additional 11,834 shares in the last quarter. 79.04% of the stock is currently owned by institutional investors and hedge funds.

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.