Geode Capital Management LLC Increases Stake in Apogee Therapeutics Inc. $APGE

Key Points

• Geode Capital Management increased its Apogee Therapeutics stake by 18.7% in the fourth quarter, buying 166,882 more shares and bringing its total to 1,059,085 shares worth about $79.96 million.
• Apogee Therapeutics reported a quarterly loss of ($1.06) per share, slightly better than analysts expected, while Wall Street currently has a Moderate Buy consensus with an average price target of $113.63.
• Insiders have recently sold shares, including CEO Michael Thomas Henderson and insider Carl Dambkowski, even as the stock has attracted strong institutional ownership with hedge funds and other investors holding about 79.04% of shares.

Geode Capital Management LLC raised its stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 18.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,059,085 shares of the company's stock after buying an additional 166,882 shares during the quarter. Geode Capital Management LLC owned about 1.55% of Apogee Therapeutics worth $79,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in Apogee Therapeutics by 57.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,137,731 shares of the company's stock valued at $45,202,000 after buying an additional 417,161 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in Apogee Therapeutics by 55.9% during the third quarter. Rafferty Asset Management LLC now owns 65,796 shares of the company's stock valued at $2,614,000 after buying an additional 23,585 shares during the last quarter. Boxer Capital Management LLC bought a new position in Apogee Therapeutics during the third quarter valued at approximately $1,986,000. HighVista Strategies LLC boosted its stake in Apogee Therapeutics by 137.7% during the third quarter. HighVista Strategies LLC now owns 107,107 shares of the company's stock valued at $4,255,000 after buying an additional 62,055 shares during the last quarter. Finally, Candriam S.C.A. bought a new position in Apogee Therapeutics during the third quarter valued at approximately $5,009,000. 79.04% of the stock is owned by hedge funds and other institutional investors.

Apogee Therapeutics Price Performance

Shares of NASDAQ:APGE opened at $86.92 on Monday. Apogee Therapeutics Inc. has a 52 week low of $34.34 and a 52 week high of $95.32. The stock has a market capitalization of $5.38 billion, a P/E ratio of -20.07 and a beta of 0.62. The firm has a fifty day simple moving average of $83.96 and a two-hundred day simple moving average of $76.67.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported ($1.06) EPS for the quarter, topping analysts' consensus estimates of ($1.07) by $0.01. On average, analysts expect that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on APGE shares. Guggenheim increased their price target on Apogee Therapeutics from $130.00 to $160.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Rothschild & Co Redburn started coverage on shares of Apogee Therapeutics in a report on Friday, May 1st. They issued a "buy" rating and a $140.00 target price for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Apogee Therapeutics in a report on Monday, April 20th. Citigroup raised their target price on shares of Apogee Therapeutics from $95.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, March 24th. Finally, The Goldman Sachs Group set a $89.00 price objective on shares of Apogee Therapeutics in a research note on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Apogee Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $113.63.

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 on Wednesday, June 3rd. The shares were sold at an average price of $78.71, for a total transaction of $432,905.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $82.58, for a total transaction of $1,651,600.00. Following the transaction, the chief executive officer directly owned 1,132,987 shares of the company's stock, valued at $93,562,066.46. The trade was a 1.73% decrease in their ownership of the stock. 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 76,500 shares of company stock valued at $6,151,295 over the last ninety days. 24.30% of the stock is owned by 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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