First Trust Advisors LP Grows Stock Holdings in Apogee Therapeutics Inc. $APGE

Key Points

• Institutional ownership increased sharply: First Trust Advisors raised its Apogee Therapeutics stake by 1,093% to 40,776 shares, while hedge funds and other institutions collectively own 79.04% of APGE.
• Insiders sold shares: CEO Michael Thomas Henderson and insider Carl Dambkowski sold a combined 106,400 shares for about $14.1 million under pre-arranged Rule 10b5-1 plans. Insiders have sold 177,400 shares worth $21.25 million over the past 90 days.
• Analyst sentiment is mostly cautious: APGE has a consensus “Hold” rating and an average price target of $121.25, below its reported opening price of $134.23; the stock recently traded near its 52-week high despite remaining unprofitable.

First Trust Advisors LP increased its position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 1,093.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,776 shares of the company's stock after purchasing an additional 37,358 shares during the quarter. First Trust Advisors LP owned approximately 0.07% of Apogee Therapeutics worth $3,432,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of APGE. T. Rowe Price Investment Management Inc. raised its holdings in Apogee Therapeutics by 189,522.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company's stock worth $206,246,000 after purchasing an additional 2,731,015 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Apogee Therapeutics by 324.4% in the 4th quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company's stock valued at $155,697,000 after buying an additional 1,576,626 shares in the last quarter. Perceptive Advisors LLC grew its position in shares of Apogee Therapeutics by 72.4% in 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 last quarter. Wellington Management Group LLP grew its position in shares of Apogee Therapeutics by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company's stock worth $187,673,000 after buying an additional 917,991 shares during the last quarter. Finally, UBS Group AG raised its stake in shares of Apogee Therapeutics by 646.1% during the 3rd quarter. UBS Group AG now owns 799,465 shares of the company's stock worth $31,763,000 after acquiring an additional 692,308 shares in the last quarter. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Carl Dambkowski sold 26,400 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $132.60, for a total value of $3,500,640.00. Following the completion of the sale, the insider owned 179,248 shares of the company's stock, valued at approximately $23,768,284.80. This trade represents a 12.84% decrease in their ownership of the stock. The transaction 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, CEO Michael Thomas Henderson sold 80,000 shares of the business's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the transaction, the chief executive officer directly owned 1,015,987 shares in the company, valued at approximately $134,658,916.98. The trade was a 7.30% 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. In the last 90 days, insiders have sold 177,400 shares of company stock valued at $21,248,815. Insiders own 24.30% of the company's stock.

Apogee Therapeutics Stock Performance

Shares of APGE opened at $134.23 on Thursday. The business's 50-day moving average is $117.16 and its two-hundred day moving average is $91.20. The company has a market capitalization of $8.31 billion, a P/E ratio of -31.00 and a beta of 0.34. Apogee Therapeutics Inc. has a fifty-two week low of $34.34 and a fifty-two week high of $134.46.

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 for the quarter, beating the consensus estimate of ($1.07) by $0.01. Analysts forecast that Apogee Therapeutics Inc. will post -4.45 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on APGE. Weiss Ratings restated a "sell (d-)" rating on shares of Apogee Therapeutics in a research note on Friday, July 17th. Guggenheim downgraded Apogee Therapeutics from a "buy" rating to a "neutral" rating in a report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft lowered Apogee Therapeutics from a "buy" rating to a "hold" rating and boosted their price target for the stock from $116.00 to $135.00 in a research note on Monday, June 22nd. Craig Hallum set a $135.11 price objective on shares of Apogee Therapeutics and gave the company a "hold" rating in a report on Monday, June 22nd. Finally, UBS Group lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and increased their price objective for the company from $100.00 to $135.11 in a research report on Tuesday, June 23rd. 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 given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $121.25.

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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