Handelsbanken Fonder AB Has $11.46 Million Stake in Apogee Therapeutics Inc. $APGE

Key Points

• Handelsbanken Fonder AB increased its Apogee Therapeutics stake by 309% in the second quarter, bringing its holdings to 86,300 shares worth approximately $11.46 million. Institutional investors and hedge funds collectively own 79.04% of APGE.
• Apogee shares opened at $134.45, near their 52-week high of $134.88, despite the company reporting a quarterly loss of $1.14 per share that missed analyst expectations. Analysts’ consensus rating is “Hold,” with an average price target of $124.43.
• Company insiders sold 162,900 shares worth about $20.3 million over the past 90 days, including sales by the CEO and another insider under pre-arranged Rule 10b5-1 plans. Apogee is a clinical-stage biotech developing oral RORγt-targeting therapies, led by its APG-157 psoriasis candidate.

Handelsbanken Fonder AB lifted its holdings in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 309.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 86,300 shares of the company's stock after acquiring an additional 65,200 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.14% of Apogee Therapeutics worth $11,455,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. FNY Investment Advisers LLC acquired a new stake in Apogee Therapeutics during the 2nd quarter valued at $663,000. GAMMA Investing LLC boosted its position in Apogee Therapeutics by 40.5% during the second quarter. GAMMA Investing LLC now owns 309 shares of the company's stock worth $41,000 after purchasing an additional 89 shares during the period. Seven Fleet Capital Management LP increased its holdings in shares of Apogee Therapeutics by 9.4% in the first quarter. Seven Fleet Capital Management LP now owns 1,969 shares of the company's stock valued at $166,000 after purchasing an additional 169 shares during the last quarter. Glenmede Trust Co. NA increased its holdings in shares of Apogee Therapeutics by 26.9% in the first quarter. Glenmede Trust Co. NA now owns 10,799 shares of the company's stock valued at $909,000 after purchasing an additional 2,287 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Apogee Therapeutics by 13.5% in the first quarter. Bank of America Corp DE now owns 900,871 shares of the company's stock valued at $75,826,000 after purchasing an additional 107,176 shares during the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

Apogee Therapeutics Stock Performance

APGE stock opened at $134.45 on Friday. Apogee Therapeutics Inc. has a 52 week low of $35.39 and a 52 week high of $134.88. The company has a market capitalization of $8.36 billion, a PE ratio of -30.98 and a beta of 0.34. The company's 50-day simple moving average is $123.46 and its 200 day simple moving average is $93.54.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of ($1.07) by ($0.07). On average, analysts forecast that Apogee Therapeutics Inc. will post -4.46 EPS for the current year.

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 26,400 shares of the business's 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 directly owned 179,248 shares in the company, valued at approximately $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $132.54, for a total value of $10,603,200.00. Following the sale, the chief executive officer directly owned 1,015,987 shares in the company, valued at $134,658,916.98. This represents 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. Insiders have sold 162,900 shares of company stock worth $20,344,950 over the last ninety days. Insiders own 24.30% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Apogee Therapeutics in a research note on Friday, July 17th. The Goldman Sachs Group set a $89.00 price target on shares of Apogee Therapeutics in a research note on Thursday, May 28th. Canaccord Genuity Group cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and increased their price target for the company from $130.00 to $135.11 in a report on Monday, June 22nd. Citigroup downgraded shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $125.00 to $135.00 in a research report on Tuesday, June 23rd. Finally, Rothschild & Co Redburn initiated coverage on Apogee Therapeutics in a report on Friday, May 1st. They set a "buy" rating and a $140.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Apogee Therapeutics currently has an average rating of "Hold" and an average target price of $124.43.

Apogee Therapeutics Company 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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