ADAR1 Capital Management LLC Takes Position in Apogee Therapeutics Inc. $APGE

Key Points

• ADAR1 Capital Management initiated a position in Apogee Therapeutics, purchasing 31,000 shares worth approximately $4.1 million. Institutional investors collectively own 79.04% of the company.
• Analyst sentiment is largely cautious: Apogee has a consensus “Hold” rating and an average price target of $124.43, while several firms recently downgraded the stock from “Buy” to “Hold.”
• Apogee shares opened at $134.85 near their 12-month high, despite the company reporting a quarterly loss of $1.14 per share, worse than the $1.07 consensus estimate. Insiders have sold 162,900 shares worth about $20.3 million over the past three months.

ADAR1 Capital Management LLC bought a new position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 31,000 shares of the company's stock, valued at approximately $4,115,000.

Several other institutional investors have also recently added to or reduced their stakes in APGE. TD Asset Management Inc increased its position in shares of Apogee Therapeutics by 55.3% during the fourth quarter. TD Asset Management Inc now owns 129,290 shares of the company's stock worth $9,759,000 after purchasing an additional 46,050 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Apogee Therapeutics by 27.3% in the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company's stock valued at $215,709,000 after purchasing an additional 612,193 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Apogee Therapeutics by 7.3% in the 1st quarter. Bank of New York Mellon Corp now owns 126,757 shares of the company's stock valued at $10,669,000 after purchasing an additional 8,673 shares during the period. Alberta Investment Management Corp purchased a new position in Apogee Therapeutics during the 2nd quarter worth approximately $9,955,000. Finally, Bank of America Corp DE grew its stake in Apogee Therapeutics by 13.5% during the 1st quarter. Bank of America Corp DE now owns 900,871 shares of the company's stock worth $75,826,000 after buying an additional 107,176 shares during the last quarter. Hedge funds and other institutional investors own 79.04% of the company's stock.

Wall Street Analysts Forecast Growth

APGE has been the subject of a number of research reports. Guggenheim cut Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 23rd. Craig Hallum set a $135.11 target price on shares of Apogee Therapeutics and gave the stock a "hold" rating in a research report on Monday, June 22nd. TD Cowen cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating in a report on Tuesday, June 23rd. The Goldman Sachs Group set a $89.00 price target on shares of Apogee Therapeutics in a research report on Thursday, May 28th. Finally, Canaccord Genuity Group cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and increased their price target for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Apogee Therapeutics presently has a consensus rating of "Hold" and an average price target of $124.43.

Insider Buying and Selling at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 80,000 shares of the firm's stock in a transaction on Monday, June 22nd. The shares were 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 owned 1,015,987 shares in the company, valued at approximately $134,658,916.98. This trade represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics stock in a transaction dated Monday, June 22nd. The shares were 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 in the company, valued at approximately $23,768,284.80. The trade was 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. 24.30% of the stock is currently owned by corporate insiders.

Apogee Therapeutics Trading Up 0.0%

Shares of APGE stock opened at $134.85 on Wednesday. The company has a market capitalization of $8.39 billion, a P/E ratio of -31.07 and a beta of 0.34. The business's 50 day moving average is $131.28 and its two-hundred day moving average is $97.27. Apogee Therapeutics Inc. has a twelve month low of $35.39 and a twelve month high of $134.88.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.07). As a group, equities analysts predict that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current fiscal year.

Apogee Therapeutics Profile

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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