Apogee Therapeutics Inc. $APGE Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Apogee Therapeutics stake by 13.5% in the first quarter, bringing its holdings to 900,871 shares valued at approximately $75.8 million. Institutional investors collectively own 79.04% of APGE.
• Apogee insiders sold 182,900 shares worth about $22.0 million over the past 90 days, including substantial sales by CEO Michael Henderson and insider Carl Dambkowski under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $121.25. APGE opened at $134.84, near its 12-month high of $134.88, while the company’s lead drug candidate, APG-157, is in early-stage testing for plaque psoriasis.

Bank of America Corp DE grew its stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 13.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 900,871 shares of the company's stock after acquiring an additional 107,176 shares during the quarter. Bank of America Corp DE owned about 1.46% of Apogee Therapeutics worth $75,826,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of APGE. Rockefeller Capital Management L.P. acquired a new position in Apogee Therapeutics during the 4th quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new stake in Apogee Therapeutics during the 4th quarter valued at about $37,000. EverSource Wealth Advisors LLC grew its stake in Apogee Therapeutics by 61.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company's stock valued at $54,000 after purchasing an additional 246 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Apogee Therapeutics in the third quarter valued at about $96,000. Finally, Seven Fleet Capital Management LP acquired a new position in shares of Apogee Therapeutics in the fourth quarter valued at about $136,000. 79.04% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 26,400 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was 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 in the company, valued at $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 business's stock in a transaction that occurred 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 of the company's stock, valued at $134,658,916.98. This trade represents a 7.30% decrease in their ownership of the stock. 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 182,900 shares of company stock valued at $21,986,750 in the last ninety days. 24.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on APGE shares. BTIG Research reaffirmed a "buy" rating and set a $137.00 target price on shares of Apogee Therapeutics in a report on Wednesday, May 27th. UBS Group downgraded shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and increased their price target for the stock from $100.00 to $135.11 in a report on Tuesday, June 23rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Apogee Therapeutics in a research report on Friday, July 17th. Craig Hallum set a $135.11 price objective on shares of Apogee Therapeutics and gave the company a "hold" rating in a research note on Monday, June 22nd. Finally, Mizuho restated a "neutral" rating and set a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $121.25.

Apogee Therapeutics Price Performance

Shares of NASDAQ APGE opened at $134.84 on Monday. The stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of -31.14 and a beta of 0.35. The firm's 50 day simple moving average is $119.35 and its 200-day simple moving average is $91.96. Apogee Therapeutics Inc. has a 12 month low of $34.34 and a 12 month high of $134.88.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.07) by $0.01. Analysts anticipate that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

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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