Granahan Investment Management LLC Cuts Stock Position in Apogee Therapeutics Inc. $APGE

Granahan Investment Management LLC lessened its position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 28.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 94,720 shares of the company's stock after selling 37,680 shares during the quarter. Granahan Investment Management LLC owned approximately 0.14% of Apogee Therapeutics worth $7,149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP raised its holdings 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 valued at $187,673,000 after buying an additional 917,991 shares during the period. Vanguard Group Inc. raised its holdings 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 during the period. State Street Corp raised its holdings in shares of Apogee Therapeutics by 2.1% in the 4th quarter. State Street Corp now owns 1,690,186 shares of the company's stock valued at $127,575,000 after buying an additional 34,638 shares during the period. Paradigm Biocapital Advisors LP raised its holdings in shares of Apogee Therapeutics by 58.7% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 1,521,757 shares of the company's stock valued at $60,459,000 after buying an additional 563,127 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in shares of Apogee Therapeutics by 2.2% in the 3rd quarter. Alliancebernstein L.P. now owns 1,419,132 shares of the company's stock valued at $56,382,000 after buying an additional 30,983 shares during the period. Hedge funds and other institutional investors own 79.04% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on APGE. Truist Financial cut their price objective on Apogee Therapeutics from $83.00 to $81.00 and set a "hold" rating on the stock in a report on Wednesday, May 27th. Royal Bank Of Canada boosted their price objective on Apogee Therapeutics from $82.00 to $97.00 and gave the company a "sector perform" rating in a report on Monday, June 8th. Canaccord Genuity Group boosted their price objective on Apogee Therapeutics from $89.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, March 24th. Citigroup boosted their price objective on Apogee Therapeutics from $95.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, March 24th. Finally, Guggenheim boosted their price objective on Apogee Therapeutics from $130.00 to $160.00 and gave the company a "buy" rating in a report on Tuesday, March 24th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $114.56.

Insider Activity

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of the company's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total transaction of $432,905.00. Following the sale, the insider owned 205,648 shares in the company, valued at $16,186,554.08. This represents a 2.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.38, for a total value of $1,667,600.00. Following the sale, the chief executive officer owned 1,095,987 shares in the company, valued at approximately $91,383,396.06. This trade represents a 1.79% decrease in their position. 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. In the last 90 days, insiders have sold 76,500 shares of company stock worth $6,323,295. 24.30% of the stock is owned by company insiders.

Apogee Therapeutics Price Performance

Shares of NASDAQ APGE opened at $85.24 on Wednesday. The stock's 50-day moving average is $84.52 and its two-hundred day moving average is $77.61. Apogee Therapeutics Inc. has a 1-year low of $34.34 and a 1-year high of $95.32. The company has a market cap of $5.28 billion, a price-to-earnings ratio of -19.69 and a beta of 0.62.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, topping the consensus estimate of ($1.07) by $0.01. Equities research analysts anticipate that Apogee Therapeutics Inc. will post -4.45 earnings per share 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.

Want to see what other hedge funds are holding APGE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.