152,815 Shares in Apogee Therapeutics Inc. $APGE Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 152,815 shares of Apogee Therapeutics, valued at approximately $20.3 million, giving it a 0.25% stake. Institutional investors and hedge funds collectively own 79.04% of APGE.
• Apogee shares opened at $134.97, near their 52-week high of $134.99, but the company reported a quarterly loss of $1.14 per share, missing analyst expectations of a $1.07 loss.
• Analysts maintain a consensus “Hold” rating with an average price target of $126.77, while insiders sold 162,900 shares worth approximately $20.3 million over the past three months.

Bank of New York Mellon Corp purchased a new stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 152,815 shares of the company's stock, valued at approximately $20,283,000. Bank of New York Mellon Corp owned approximately 0.25% of Apogee Therapeutics at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Apogee Therapeutics by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock valued at $921,000 after purchasing an additional 694 shares in the last quarter. Millennium Management LLC boosted its holdings in Apogee Therapeutics by 100.0% during the first quarter. Millennium Management LLC now owns 260,335 shares of the company's stock worth $9,726,000 after buying an additional 130,164 shares in the last quarter. Creative Planning acquired a new stake in Apogee Therapeutics during the second quarter valued at $392,000. Legal & General Group Plc grew its position in Apogee Therapeutics by 7.4% during the second quarter. Legal & General Group Plc now owns 27,689 shares of the company's stock valued at $1,203,000 after buying an additional 1,907 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Apogee Therapeutics by 10,570.6% in the second quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company's stock valued at $945,000 after buying an additional 21,564 shares in the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

Apogee Therapeutics Price Performance

Shares of NASDAQ APGE opened at $134.97 on Monday. The firm has a 50-day simple moving average of $133.99 and a 200-day simple moving average of $98.81. The stock has a market capitalization of $8.40 billion, a price-to-earnings ratio of -31.10 and a beta of 0.35. Apogee Therapeutics Inc. has a 52 week low of $35.39 and a 52 week high of $134.99.

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 for the quarter, missing analysts' consensus estimates of ($1.07) by ($0.07). As a group, equities research analysts expect that Apogee Therapeutics Inc. will post -4.47 EPS for the current year.

Analysts Set New Price Targets

APGE has been the topic of a number of analyst reports. Royal Bank Of Canada raised their target price on Apogee Therapeutics from $82.00 to $97.00 and gave the company a "sector perform" rating in a research report on Monday, June 8th. The Goldman Sachs Group set a $89.00 price target on Apogee Therapeutics in a research report on Thursday, May 28th. Canaccord Genuity Group lowered Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their price objective for the company from $130.00 to $135.11 in a report on Monday, June 22nd. Citigroup lowered Apogee Therapeutics from a "buy" rating to a "neutral" rating and raised their price objective for the company from $125.00 to $135.00 in a report on Tuesday, June 23rd. Finally, Craig Hallum set a $135.11 price objective on Apogee Therapeutics and gave the company a "hold" rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Apogee Therapeutics currently has an average rating of "Hold" and a consensus target price of $126.77.

Insider Buying and Selling

In other news, CEO Michael Thomas Henderson sold 80,000 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $132.54, for a total value of $10,603,200.00. Following the completion of the sale, the chief executive officer directly owned 1,015,987 shares in the company, valued at $134,658,916.98. This represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total value 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 162,900 shares of company stock worth $20,344,950 over the last three months. Corporate insiders own 24.30% 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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