Candriam S.C.A. Acquires 32,223 Shares of Apogee Therapeutics Inc. $APGE

Key Points

• Candriam S.C.A. increased its Apogee Therapeutics stake by 16.8% in the first quarter, adding 32,223 shares and bringing its total holding to 223,541 shares worth about $18.8 million.
• Insider selling was notable: CEO Michael Thomas Henderson sold 80,000 shares and insider Carl Dambkowski sold 26,400 shares, both under pre-arranged 10b5-1 plans. Over the past 90 days, insiders have sold 182,900 shares valued at $21.7 million.
• Analysts have turned more cautious, with several firms downgrading APGE to hold or neutral and the consensus rating now at Hold with an average price target of $121.25. The stock recently traded at $133.65, near its 52-week high of $133.87.

Candriam S.C.A. raised its holdings in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 16.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 223,541 shares of the company's stock after acquiring an additional 32,223 shares during the period. Candriam S.C.A. owned approximately 0.36% of Apogee Therapeutics worth $18,815,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Rockefeller Capital Management L.P. purchased a new stake in Apogee Therapeutics in the fourth quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new position in Apogee Therapeutics in the 4th quarter worth approximately $37,000. Seven Fleet Capital Management LP bought a new position in shares of Apogee Therapeutics in the 4th quarter worth $136,000. Ensign Peak Advisors Inc bought a new stake in shares of Apogee Therapeutics during the 4th quarter worth $170,000. Finally, Quantbot Technologies LP bought a new stake in shares of Apogee Therapeutics during the 3rd quarter worth $96,000. Institutional investors own 79.04% of the company's stock.

Insider Activity

In related news, CEO Michael Thomas Henderson sold 80,000 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the transaction, the chief executive officer owned 1,015,987 shares in the company, valued at $134,658,916.98. The trade was a 7.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total value of $3,500,640.00. Following the transaction, the insider directly owned 179,248 shares of the company's stock, valued at $23,768,284.80. The trade was 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. Over the last ninety days, insiders have sold 182,900 shares of company stock valued at $21,711,585. Insiders own 24.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on APGE shares. Weiss Ratings restated a "sell (d-)" rating on shares of Apogee Therapeutics in a research report on Monday, April 20th. TD Cowen cut Apogee Therapeutics from a "buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Truist Financial dropped their target price on Apogee Therapeutics from $83.00 to $81.00 and set a "hold" rating for the company in a research report on Wednesday, May 27th. Guggenheim lowered Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 23rd. Finally, Citigroup downgraded shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $125.00 to $135.00 in a research note on Tuesday, June 23rd. One 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 given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $121.25.

Apogee Therapeutics Stock Up 0.1%

Shares of Apogee Therapeutics stock traded up $0.08 on Friday, hitting $133.65. The stock had a trading volume of 787,802 shares, compared to its average volume of 5,990,803. Apogee Therapeutics Inc. has a one year low of $34.34 and a one year high of $133.87. The stock's 50-day simple moving average is $98.39 and its two-hundred day simple moving average is $84.01. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of -30.87 and a beta of 0.32.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.06) EPS for the quarter, beating analysts' consensus estimates of ($1.07) by $0.01. As a group, equities analysts predict that Apogee Therapeutics Inc. will post -4.45 EPS for the current fiscal year.

About Apogee Therapeutics

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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