BlackRock Inc. Takes $730.95 Million Position in Apogee Therapeutics Inc. $APGE

Key Points

• BlackRock acquired 5.51 million Apogee Therapeutics shares worth approximately $730.95 million, giving it an 8.9% stake. Overall, institutional investors own 79.04% of APGE.
• Apogee insiders sold 162,900 shares valued at roughly $20.34 million over the past 90 days, including sales by the CEO and another insider under pre-arranged Rule 10b5-1 plans.
• Analysts have a consensus “Hold” rating with an average price target of $124.43, below APGE’s recent $134.75 price. The clinical-stage biotech’s latest quarterly loss of $1.14 per share also missed estimates.

BlackRock Inc. acquired a new position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 5,507,032 shares of the company's stock, valued at approximately $730,948,000. BlackRock Inc. owned 8.90% of Apogee Therapeutics at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in APGE. Wellington Management Group LLP lifted its holdings in Apogee Therapeutics by 0.5% in the 4th quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company's stock worth $358,272,000 after buying an additional 22,884 shares during the period. Vanguard Group Inc. increased its stake in shares of Apogee Therapeutics by 27.3% during the fourth quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company's stock valued at $215,709,000 after buying an additional 612,193 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in shares of Apogee Therapeutics by 189,522.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company's stock valued at $206,246,000 after buying an additional 2,731,015 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Apogee Therapeutics by 14.4% during the first quarter. Janus Henderson Group PLC now owns 2,360,596 shares of the company's stock valued at $198,809,000 after acquiring an additional 297,992 shares in the last quarter. Finally, Perceptive Advisors LLC raised its holdings in shares of Apogee Therapeutics by 72.4% during 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. 79.04% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 20,000 shares of the firm's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total value of $2,672,600.00. Following the transaction, the chief executive officer directly owned 995,987 shares of the company's stock, valued at approximately $133,093,742.81. This trade represents a 1.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the business's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $134.17, for a total value of $737,935.00. Following the sale, the insider directly owned 168,498 shares of the company's stock, valued at $22,607,376.66. This represents a 3.16% 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 sold a total of 162,900 shares of company stock valued at $20,344,950 over the last 90 days. 24.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on APGE shares. Royal Bank Of Canada boosted their price objective on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a "sector perform" rating in a research report on Monday, June 8th. Canaccord Genuity Group cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their target price for the stock from $130.00 to $135.11 in a research report on Monday, June 22nd. Mizuho reaffirmed a "neutral" rating and set a $135.00 target price (up from $110.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and boosted their price target for the company from $116.00 to $135.00 in a research report on Monday, June 22nd. Finally, The Goldman Sachs Group set a $89.00 price target on shares of Apogee Therapeutics in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Apogee Therapeutics has an average rating of "Hold" and an average target price of $124.43.

Apogee Therapeutics Price Performance

NASDAQ APGE opened at $134.75 on Friday. Apogee Therapeutics Inc. has a 1-year low of $35.39 and a 1-year high of $134.88. The business's fifty day moving average price is $129.31 and its 200-day moving average price is $96.10. The stock has a market capitalization of $8.38 billion, a price-to-earnings ratio of -31.05 and a beta of 0.34.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.07) by ($0.07). Equities research analysts anticipate that Apogee Therapeutics Inc. will post -4.47 EPS for the current 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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