Apogee Therapeutics Inc. $APGE Shares Sold by The Manufacturers Life Insurance Company

Key Points

• Manufacturers Life Insurance Company reduced its Apogee Therapeutics stake by 15% in the first quarter, selling 12,136 shares and retaining 68,696 shares worth approximately $5.8 million. Institutional investors and hedge funds collectively own 79.04% of APGE.
• Several major investors significantly increased their positions, including T. Rowe Price, Janus Henderson, Perceptive Advisors, Wellington Management and UBS. Meanwhile, CEO Michael Henderson and insider Carl Dambkowski sold shares under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment has shifted toward “Hold”: multiple firms downgraded APGE from Buy or Outperform to Neutral or Hold, leaving the stock with a consensus rating of Hold and an average price target of $121.25. Shares opened at $134.23, near their 52-week high of $134.46.

The Manufacturers Life Insurance Company cut its stake in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 15.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,696 shares of the company's stock after selling 12,136 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.11% of Apogee Therapeutics worth $5,782,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. increased its stake in Apogee Therapeutics by 189,522.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company's stock worth $206,246,000 after buying an additional 2,731,015 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Apogee Therapeutics by 324.4% in the fourth quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company's stock valued at $155,697,000 after acquiring an additional 1,576,626 shares in the last quarter. Perceptive Advisors LLC lifted its position in shares of Apogee Therapeutics by 72.4% in the fourth quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company's stock valued at $175,918,000 after acquiring an additional 978,662 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Apogee Therapeutics by 24.1% in the third quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company's stock worth $187,673,000 after acquiring an additional 917,991 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of Apogee Therapeutics by 646.1% in the third quarter. UBS Group AG now owns 799,465 shares of the company's stock worth $31,763,000 after acquiring an additional 692,308 shares during the last quarter. 79.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APGE has been the subject of several recent research reports. Wedbush downgraded Apogee Therapeutics from an "outperform" rating to a "neutral" rating and set a $135.00 price objective for the company. in a research note on Monday, June 22nd. TD Cowen cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Canaccord Genuity Group lowered shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and upped their target price for the stock from $130.00 to $135.11 in a report on Monday, June 22nd. Citigroup cut shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and increased their target price for the company from $125.00 to $135.00 in a research report on Tuesday, June 23rd. Finally, Guggenheim downgraded shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $121.25.

Insider Transactions at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 80,000 shares of the firm'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 transaction 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 $134,658,916.98. This trade represents a 7.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the firm'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 transaction of $3,500,640.00. Following the sale, the insider owned 179,248 shares of the company's stock, valued at $23,768,284.80. This represents a 12.84% 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. Insiders have sold 177,400 shares of company stock worth $21,248,815 over the last ninety days. 24.30% of the stock is owned by insiders.

Apogee Therapeutics Stock Up 0.0%

Shares of APGE opened at $134.23 on Thursday. Apogee Therapeutics Inc. has a 52-week low of $34.34 and a 52-week high of $134.46. The stock has a fifty day simple moving average of $117.16 and a two-hundred day simple moving average of $91.20. The company has a market capitalization of $8.31 billion, a PE ratio of -31.00 and a beta of 0.34.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, beating the consensus estimate of ($1.07) by $0.01. As a group, equities analysts anticipate that Apogee Therapeutics Inc. will post -4.45 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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