Apogee Therapeutics Inc. $APGE Shares Acquired by First Turn Management LLC

Key Points

• First Turn Management LLC increased its Apogee Therapeutics stake by 17.9% in the fourth quarter, buying 72,028 additional shares and lifting its total to 474,839 shares worth about $35.8 million.
• Several other institutional investors also adjusted positions, and institutional ownership remains high at about 79.04% of Apogee Therapeutics shares.
• Analysts are generally bullish on the stock: multiple firms raised price targets, and MarketBeat reports a Moderate Buy consensus with an average target of $114.56, above the recent share price of $88.33.

First Turn Management LLC boosted its holdings in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 17.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 474,839 shares of the company's stock after purchasing an additional 72,028 shares during the period. Apogee Therapeutics comprises approximately 4.1% of First Turn Management LLC's investment portfolio, making the stock its 9th biggest holding. First Turn Management LLC owned approximately 0.70% of Apogee Therapeutics worth $35,841,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC lifted its position in Apogee Therapeutics by 2.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 7,151 shares of the company's stock valued at $540,000 after purchasing an additional 152 shares during the period. Stifel Financial Corp lifted its position in Apogee Therapeutics by 3.5% during the fourth quarter. Stifel Financial Corp now owns 5,214 shares of the company's stock valued at $394,000 after purchasing an additional 175 shares during the period. ANTIPODES PARTNERS Ltd lifted its position in Apogee Therapeutics by 41.2% during the third quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company's stock valued at $33,000 after purchasing an additional 246 shares during the period. Comerica Bank lifted its position in Apogee Therapeutics by 1.0% during the fourth quarter. Comerica Bank now owns 35,872 shares of the company's stock valued at $2,708,000 after purchasing an additional 338 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in Apogee Therapeutics during the fourth quarter valued at $37,000. 79.04% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Citigroup boosted their target price on shares of Apogee Therapeutics from $95.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, March 24th. Guggenheim boosted their target price on shares of Apogee Therapeutics from $130.00 to $160.00 and gave the company a "buy" rating in a research report on Tuesday, March 24th. Mizuho boosted their target price on shares of Apogee Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, March 30th. BTIG Research restated a "buy" rating and set a $137.00 target price on shares of Apogee Therapeutics in a research report on Wednesday, May 27th. Finally, Rothschild & Co Redburn assumed coverage on shares of Apogee Therapeutics in a research report on Friday, May 1st. They set a "buy" rating and a $140.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $114.56.

Apogee Therapeutics Stock Performance

Shares of Apogee Therapeutics stock opened at $88.33 on Friday. The firm has a 50-day simple moving average of $84.47 and a two-hundred day simple moving average of $77.33. The company has a market cap of $5.47 billion, a P/E ratio of -20.40 and a beta of 0.62. Apogee Therapeutics Inc. has a fifty-two week low of $34.34 and a fifty-two week high of $95.32.

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

Insider Transactions at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $78.71, for a total value of $432,905.00. Following the completion of the transaction, the insider owned 205,648 shares in the company, valued at approximately $16,186,554.08. This represents a 2.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the company's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $82.58, for a total transaction of $1,651,600.00. Following the completion of the transaction, the chief executive officer owned 1,132,987 shares of the company's stock, valued at approximately $93,562,066.46. This trade represents a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 76,500 shares of company stock valued at $6,323,295. Insiders own 24.30% of the company's stock.

Apogee Therapeutics Company 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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