Granahan Investment Management LLC Has $4.05 Million Stock Position in Apogee Therapeutics Inc. $APGE

Key Points

• Granahan Investment Management LLC has increased its stake in Apogee Therapeutics by 16.7%, holding approximately 108,340 shares valued at about $4.05 million as of the latest SEC filing.
• Apogee Therapeutics reported a quarterly loss of ($1.13) earnings per share, missing analysts' expectations of ($1.03), and the company has a market cap of $1.71 billion.
• Analysts have mixed ratings on Apogee, with Zacks downgrading it to "hold" while others, including Bank of America, have set a higher price target, maintaining a "buy" rating.

Granahan Investment Management LLC boosted its position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 16.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 108,340 shares of the company's stock after purchasing an additional 15,486 shares during the quarter. Granahan Investment Management LLC owned about 0.24% of Apogee Therapeutics worth $4,048,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in APGE. The Manufacturers Life Insurance Company raised its stake in Apogee Therapeutics by 29.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 87,953 shares of the company's stock valued at $3,984,000 after purchasing an additional 19,965 shares during the last quarter. Northern Trust Corp increased its stake in shares of Apogee Therapeutics by 6.8% during the 4th quarter. Northern Trust Corp now owns 327,292 shares of the company's stock valued at $14,826,000 after acquiring an additional 20,743 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Apogee Therapeutics during the 4th quarter valued at about $259,000. BNP Paribas Financial Markets purchased a new stake in shares of Apogee Therapeutics during the 4th quarter worth about $219,000. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Apogee Therapeutics by 8.6% during the 4th quarter. Cubist Systematic Strategies LLC now owns 91,213 shares of the company's stock worth $4,132,000 after purchasing an additional 7,236 shares during the period. Institutional investors and hedge funds own 79.04% of the company's stock.

Insider Buying and Selling at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 10,090 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $45.09, for a total value of $454,958.10. Following the completion of the transaction, the insider owned 238,998 shares in the company, valued at $10,776,419.82. This trade represents a 4.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 15,540 shares of company stock valued at $661,104. Company insiders own 42.77% of the company's stock.

Apogee Therapeutics Stock Performance

Shares of NASDAQ:APGE traded up $0.04 on Tuesday, hitting $38.46. The company's stock had a trading volume of 688,108 shares, compared to its average volume of 720,183. Apogee Therapeutics Inc. has a 12 month low of $26.20 and a 12 month high of $63.50. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -9.31 and a beta of 1.42. The stock's 50-day moving average is $38.44 and its two-hundred day moving average is $37.84.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.10). Equities analysts expect that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on APGE. Guggenheim reiterated a "buy" rating and set a $116.00 target price on shares of Apogee Therapeutics in a report on Wednesday, July 2nd. Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Apogee Therapeutics in a report on Monday, August 11th. BTIG Research boosted their target price on Apogee Therapeutics from $100.00 to $115.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Zacks Research cut Apogee Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 14th. Finally, Citigroup reiterated a "buy" rating on shares of Apogee Therapeutics in a report on Thursday, August 28th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Apogee Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $97.29.

Apogee Therapeutics Profile

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.