Apogee Therapeutics Inc. $APGE Stock Position Decreased by Platinum Investment Management Ltd.

Key Points

• Platinum Investment Management Ltd. has reduced its stake in Apogee Therapeutics by 9.5%, owning 86,512 shares worth approximately $3.76 million after selling 9,134 shares.
• Insider activity remains notable, with insider Carl Dambkowski selling 2,725 shares, bringing his total holdings to 233,548 shares valued at about $8.84 million.
• Multiple research firms have issued buy ratings for Apogee Therapeutics, with target prices ranging from $60.00 to $116.00, signaling strong interest from analysts.

Platinum Investment Management Ltd. cut its stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 9.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,512 shares of the company's stock after selling 9,134 shares during the quarter. Platinum Investment Management Ltd. owned 0.19% of Apogee Therapeutics worth $3,757,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group acquired a new position in shares of Apogee Therapeutics in the 1st quarter valued at $42,000. AlphaQuest LLC acquired a new position in shares of Apogee Therapeutics in the first quarter worth about $43,000. GAMMA Investing LLC boosted its holdings in shares of 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 buying an additional 5,269 shares during the period. Ameriprise Financial Inc. acquired a new position in shares of Apogee Therapeutics in the fourth quarter worth about $259,000. Finally, Birchview Capital LP acquired a new position in shares of Apogee Therapeutics in the first quarter worth about $299,000. Institutional investors and hedge funds own 79.04% of the company's stock.

Insider Activity

In related news, insider Carl Dambkowski sold 2,725 shares of Apogee Therapeutics stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $37.87, for a total value of $103,195.75. Following the completion of the sale, the insider owned 233,548 shares of the company's stock, valued at approximately $8,844,462.76. The trade was a 1.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 42.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on APGE. Citigroup reaffirmed a "buy" rating on shares of Apogee Therapeutics in a research note on Thursday, August 28th. Guggenheim reaffirmed a "buy" rating and issued a $116.00 target price on shares of Apogee Therapeutics in a research report on Wednesday, July 2nd. BTIG Research raised their target price on Apogee Therapeutics from $100.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Bank of America raised their target price on Apogee Therapeutics from $78.00 to $87.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Royal Bank Of Canada initiated coverage on Apogee Therapeutics in a research report on Thursday, September 25th. They set an "outperform" rating and a $60.00 price objective for the company. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $92.63.

Apogee Therapeutics Price Performance

Shares of Apogee Therapeutics stock opened at $39.38 on Thursday. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -9.54 and a beta of 1.43. Apogee Therapeutics Inc. has a 52-week low of $26.20 and a 52-week high of $63.50. The stock has a 50-day simple moving average of $37.65 and a 200-day simple moving average of $38.19.

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

About Apogee Therapeutics

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.

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