Avoro Capital Advisors LLC Acquires Shares of 500,000 Apogee Therapeutics Inc. $APGE

Key Points

• Avoro Capital Advisors disclosed a new stake in Apogee Therapeutics, buying 500,000 shares valued at about $37.7 million. The position represents roughly 0.73% of Apogee and is Avoro’s 27th largest holding.
• Apogee Therapeutics has seen broad institutional interest, with hedge funds and other investors increasing their holdings, and institutional ownership now stands at 79.04% of the company.
• The stock has traded near its high end, opening at $85.24 with a 1-year range of $34.34 to $95.32. Analysts remain generally positive, with a Moderate Buy consensus and an average price target of $114.56.

Avoro Capital Advisors LLC acquired a new stake in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 500,000 shares of the company's stock, valued at approximately $37,740,000. Apogee Therapeutics comprises about 0.4% of Avoro Capital Advisors LLC's portfolio, making the stock its 27th largest position. Avoro Capital Advisors LLC owned approximately 0.73% of Apogee Therapeutics at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. TD Asset Management Inc raised its holdings in Apogee Therapeutics by 55.3% in the 4th quarter. TD Asset Management Inc now owns 129,290 shares of the company's stock valued at $9,759,000 after acquiring an additional 46,050 shares during the last quarter. Rafferty Asset Management LLC raised its holdings in Apogee Therapeutics by 55.9% in the 3rd quarter. Rafferty Asset Management LLC now owns 65,796 shares of the company's stock valued at $2,614,000 after acquiring an additional 23,585 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Apogee Therapeutics by 57.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,137,731 shares of the company's stock valued at $45,202,000 after acquiring an additional 417,161 shares during the last quarter. Boxer Capital Management LLC acquired a new stake in Apogee Therapeutics in the 3rd quarter valued at about $1,986,000. Finally, HighVista Strategies LLC raised its holdings in Apogee Therapeutics by 137.7% in the 3rd quarter. HighVista Strategies LLC now owns 107,107 shares of the company's stock valued at $4,255,000 after acquiring an additional 62,055 shares during the last quarter. Institutional investors and hedge funds own 79.04% of the company's stock.

Apogee Therapeutics Price Performance

Shares of NASDAQ APGE opened at $85.24 on Wednesday. The company has a 50 day simple moving average of $84.52 and a 200-day simple moving average of $77.61. The company has a market capitalization of $5.28 billion, a P/E ratio of -19.69 and a beta of 0.62. Apogee Therapeutics Inc. has a 1 year low of $34.34 and a 1 year high of $95.32.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($1.07) by $0.01. As a group, research analysts expect that Apogee Therapeutics Inc. will post -4.45 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on APGE. BTIG Research reiterated a "buy" rating and issued a $137.00 price objective on shares of Apogee Therapeutics in a report on Wednesday, May 27th. Wedbush increased their price objective on shares of Apogee Therapeutics from $120.00 to $135.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. The Goldman Sachs Group set a $89.00 price target on shares of Apogee Therapeutics in a report on Thursday, May 28th. Weiss Ratings restated a "sell (d-)" rating on shares of Apogee Therapeutics in a report on Monday, April 20th. Finally, Canaccord Genuity Group raised their price target on shares of Apogee Therapeutics from $89.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, March 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Apogee Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $114.56.

Insider Buying and Selling

In related news, CEO Michael Thomas Henderson sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $83.38, for a total transaction of $1,667,600.00. Following the completion of the transaction, the chief executive officer owned 1,095,987 shares of the company's stock, valued at approximately $91,383,396.06. This trade represents a 1.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total transaction of $432,905.00. Following the transaction, the insider directly owned 205,648 shares of the company's stock, valued at $16,186,554.08. The trade was a 2.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 76,500 shares of company stock valued at $6,323,295 in the last 90 days. 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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