Apogee Therapeutics Inc. $APGE Shares Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its Apogee Therapeutics stake by 7.3% in the first quarter, bringing its holdings to 126,757 shares worth approximately $10.7 million. Institutional investors collectively own 79.04% of APGE.
• Apogee shares opened at $134.09, near their 52-week high of $134.46, while the company reported a quarterly loss of $1.06 per share—slightly better than analyst expectations.
• Analyst sentiment remains cautious: APGE has an average “Hold” rating and a $121.25 price target. Meanwhile, insiders sold 182,900 shares worth about $21.7 million over the past 90 days, including sales by the CEO and another company insider under pre-arranged trading plans.

Bank of New York Mellon Corp lifted its position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 126,757 shares of the company's stock after buying an additional 8,673 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.20% of Apogee Therapeutics worth $10,669,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of APGE. Wellington Management Group LLP increased its stake in Apogee Therapeutics by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company's stock worth $358,272,000 after purchasing an additional 22,884 shares during the period. Vanguard Group Inc. grew its holdings in shares of Apogee Therapeutics by 27.3% in the fourth 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 in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of Apogee Therapeutics by 189,522.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company's stock valued at $206,246,000 after purchasing an additional 2,731,015 shares in the last quarter. Perceptive Advisors LLC increased its stake in Apogee Therapeutics by 72.4% during the 4th quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company's stock worth $175,918,000 after buying an additional 978,662 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Apogee Therapeutics by 324.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company's stock worth $155,697,000 after buying an additional 1,576,626 shares during the period. Institutional investors and hedge funds own 79.04% of the company's stock.

Insider Activity

In related news, insider Carl Dambkowski sold 26,400 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $132.60, for a total value of $3,500,640.00. Following the completion of the transaction, the insider directly owned 179,248 shares of the company's stock, valued at $23,768,284.80. This represents a 12.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 that occurred on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the completion of the transaction, the chief executive officer 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 182,900 shares of company stock valued at $21,711,585. Insiders own 24.30% of the company's stock.

Apogee Therapeutics Stock Down 0.2%

NASDAQ APGE opened at $134.09 on Friday. Apogee Therapeutics Inc. has a 52 week low of $34.34 and a 52 week high of $134.46. The stock has a market capitalization of $8.30 billion, a PE ratio of -30.97 and a beta of 0.32. The firm has a 50 day moving average of $113.95 and a two-hundred day moving average of $89.98.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, beating analysts' consensus estimates of ($1.07) by $0.01. On average, equities research analysts expect that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

APGE has been the topic of a number of research reports. TD Cowen lowered shares of Apogee Therapeutics from a "buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Craig Hallum set a $135.11 price target on shares of Apogee Therapeutics and gave the stock a "hold" rating in a research note on Monday, June 22nd. Mizuho reaffirmed a "neutral" rating and set a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. Truist Financial reduced their price objective on Apogee Therapeutics from $83.00 to $81.00 and set a "hold" rating on the stock in a research note on Wednesday, May 27th. Finally, Stifel Nicolaus reiterated a "hold" rating and issued a $135.00 target price (up from $133.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $121.25.

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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