Fifth Third Bancorp Takes $5.37 Million Position in Apogee Therapeutics Inc. $APGE

Key Points

• Fifth Third Bancorp opened a new position in Apogee Therapeutics during the first quarter, buying 63,800 shares valued at about $5.37 million.
• Institutional ownership remains high, with several major funds including Wellington, Vanguard, and T. Rowe Price holding large stakes; institutions own about 79.04% of the stock.
• Analysts are mixed on APGE: the consensus rating is Hold with an average target price of $121.25, while the stock recently traded near $134 and insiders have been selling shares.

Fifth Third Bancorp bought a new position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 63,800 shares of the company's stock, valued at approximately $5,370,000. Fifth Third Bancorp owned about 0.10% of Apogee Therapeutics as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in Apogee Therapeutics by 0.5% in the fourth quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company's stock valued at $358,272,000 after buying an additional 22,884 shares during the period. Vanguard Group Inc. increased its position in shares of Apogee Therapeutics by 27.3% in the 4th 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 in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Apogee Therapeutics by 189,522.2% in the 4th 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 in the last quarter. Perceptive Advisors LLC raised its stake in Apogee Therapeutics by 72.4% during the 4th quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company's stock worth $175,918,000 after buying an additional 978,662 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Apogee Therapeutics by 324.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company's stock worth $155,697,000 after buying an additional 1,576,626 shares during the period. Institutional investors own 79.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on APGE shares. BTIG Research reissued a "buy" rating and issued a $137.00 target price on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Canaccord Genuity Group lowered Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their price target for the stock from $130.00 to $135.11 in a research report on Monday, June 22nd. Mizuho reiterated a "neutral" rating and set a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft lowered Apogee Therapeutics from a "buy" rating to a "hold" rating and boosted their price objective for the company from $116.00 to $135.00 in a research report on Monday, June 22nd. Finally, Wedbush cut Apogee Therapeutics from an "outperform" rating to a "neutral" rating and set a $135.00 target price for the company. in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Apogee Therapeutics has an average rating of "Hold" and a consensus target price of $121.25.

Apogee Therapeutics Stock Down 0.1%

APGE stock opened at $134.00 on Friday. Apogee Therapeutics Inc. has a 12 month low of $34.34 and a 12 month high of $134.32. The firm has a market cap of $8.29 billion, a P/E ratio of -30.95 and a beta of 0.32. The company's 50-day moving average price is $103.48 and its two-hundred day moving average price is $85.98.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.06) EPS for the quarter, beating the consensus estimate of ($1.07) by $0.01. Equities analysts predict that Apogee Therapeutics Inc. will post -4.45 EPS for the current year.

Insider Buying and Selling at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $132.74, for a total value of $730,070.00. Following the transaction, the insider owned 177,873 shares in the company, valued at $23,610,862.02. The trade was a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the business's stock in a transaction dated 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. The trade was a 1.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 182,900 shares of company stock valued at $21,711,585. 24.30% of the stock is owned by corporate insiders.

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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