Adage Capital Partners GP L.L.C. Acquires 486,800 Shares of Apogee Therapeutics Inc. $APGE

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Apogee Therapeutics by 202.7%, owning 727,000 shares after purchasing 486,800 additional shares in the first quarter, valued at approximately $27.16 million.
• Insider Carl Dambkowski sold 10,090 shares of Apogee Therapeutics, resulting in a 4.05% decrease in his position, while company insiders collectively own 42.77% of the stock.
• Analysts remain positive on Apogee Therapeutics, with seven analysts rating it as a "Buy" and a consensus price target of $97.29, although Zacks lowered its rating from "strong-buy" to "hold."

Adage Capital Partners GP L.L.C. boosted its holdings in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 202.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 727,000 shares of the company's stock after purchasing an additional 486,800 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 1.62% of Apogee Therapeutics worth $27,161,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group purchased a new stake in Apogee Therapeutics in the first quarter worth about $42,000. GF Fund Management CO. LTD. purchased a new stake in Apogee Therapeutics in the fourth quarter worth about $43,000. AlphaQuest LLC purchased a new stake in Apogee Therapeutics in the first quarter worth about $43,000. GAMMA Investing LLC grew its holdings in Apogee Therapeutics by 3,560.1% in the first quarter. GAMMA Investing LLC now owns 5,417 shares of the company's stock worth $202,000 after purchasing an additional 5,269 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in Apogee Therapeutics in the fourth quarter worth about $219,000. Hedge funds and other institutional investors own 79.04% of the company's stock.

Apogee Therapeutics Price Performance

Apogee Therapeutics stock traded down $0.58 during midday trading on Wednesday, reaching $37.88. 100,549 shares of the company traded hands, compared to its average volume of 716,568. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -9.17 and a beta of 1.42. The business has a 50 day moving average of $38.32 and a two-hundred day moving average of $37.84. Apogee Therapeutics Inc. has a 12 month low of $26.20 and a 12 month high of $63.50.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.10). As a group, equities analysts forecast that Apogee Therapeutics Inc. will post -3.09 EPS for the current year.

Insiders Place Their Bets

In related news, insider Carl Dambkowski sold 10,090 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $45.09, for a total transaction of $454,958.10. Following the transaction, the insider owned 238,998 shares in the company, valued at $10,776,419.82. This represents a 4.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 15,540 shares of company stock worth $661,104 in the last 90 days. 42.77% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on APGE shares. BTIG Research increased their price target on shares of Apogee Therapeutics from $100.00 to $115.00 and gave the company a "buy" rating in a report on Monday, July 7th. Citigroup reiterated a "buy" rating on shares of Apogee Therapeutics in a report on Thursday, August 28th. Bank of America increased their price target on shares of Apogee Therapeutics from $78.00 to $87.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Wedbush reiterated an "outperform" rating and set a $90.00 price target on shares of Apogee Therapeutics in a report on Monday, August 11th. Finally, Guggenheim reiterated a "buy" rating and set a $116.00 price target on shares of Apogee Therapeutics in a report on Wednesday, July 2nd. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Apogee Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $97.29.

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.