Apogee Therapeutics (NASDAQ:APGE) Stock Rating Lowered by BTIG Research

Key Points

• BTIG Research downgraded Apogee Therapeutics from “buy” to “neutral.” The broader analyst consensus is “Hold,” with an average price target of $121.25.
• Apogee shares opened at $134.69, near their 52-week high of $134.88, while the company reported a quarterly loss of $1.14 per share—$0.07 worse than analysts expected.
• Company insiders sold 162,900 shares worth approximately $20.3 million over the past three months, though institutional investors and hedge funds hold 79.04% of the stock.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) was downgraded by equities researchers at BTIG Research from a "buy" rating to a "neutral" rating in a research report issued to clients and investors on Wednesday, Marketbeat reports.

A number of other equities analysts have also recently issued reports on the company. Truist Financial dropped their target price on Apogee Therapeutics from $83.00 to $81.00 and set a "hold" rating for the company in a report on Wednesday, May 27th. Mizuho reaffirmed a "neutral" rating and issued a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. Wedbush cut Apogee Therapeutics from an "outperform" rating to a "neutral" rating and set a $135.00 price target on the stock. in a research report on Monday, June 22nd. TD Cowen lowered Apogee Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Finally, The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $121.25.

Apogee Therapeutics Stock Performance

Shares of Apogee Therapeutics stock opened at $134.69 on Wednesday. The firm has a market cap of $8.33 billion, a P/E ratio of -31.03 and a beta of 0.35. The firm's 50-day simple moving average is $121.58 and its 200-day simple moving average is $92.70. Apogee Therapeutics has a twelve month low of $34.58 and a twelve month high of $134.88.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.07) by ($0.07). On average, equities analysts forecast that Apogee Therapeutics will post -4.45 earnings per share for the current fiscal year.

Insider Transactions at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 26,400 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 179,248 shares of the company's stock, valued at approximately $23,768,284.80. This represents a 12.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the sale, the chief executive officer directly owned 1,015,987 shares of the company's stock, valued at $134,658,916.98. This represents a 7.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 162,900 shares of company stock valued at $20,344,950. Insiders own 24.30% of the company's stock.

Hedge Funds Weigh In On Apogee Therapeutics

A number of large investors have recently bought and sold shares of APGE. GAMMA Investing LLC lifted its position in shares of Apogee Therapeutics by 40.5% in the second quarter. GAMMA Investing LLC now owns 309 shares of the company's stock worth $41,000 after purchasing an additional 89 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in Apogee Therapeutics during the fourth quarter worth $25,000. Los Angeles Capital Management LLC bought a new position in Apogee Therapeutics in the fourth quarter valued at $37,000. Longfellow Investment Management Co. LLC bought a new position in Apogee Therapeutics in the second quarter valued at $81,000. Finally, EverSource Wealth Advisors LLC increased its stake in Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company's stock valued at $54,000 after buying an additional 246 shares during the last quarter. Institutional investors and hedge funds 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.

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