Harvest Management LLC Makes New $10.49 Million Investment in Apogee Therapeutics Inc. $APGE

Key Points

• Harvest Management purchased 79,000 Apogee Therapeutics shares worth approximately $10.49 million in the second quarter, making APGE about 4.1% of the fund’s holdings. Institutional investors collectively own 79.04% of the company.
• Analyst sentiment is largely neutral: 15 analysts rate the stock “Hold,” while the consensus price target is $126.77. Several brokerages recently downgraded APGE despite raising their price targets.
• APGE opened at $134.97, near its 52-week high of $134.99, but Apogee reported a quarterly loss of $1.14 per share, missing estimates. Insiders have sold 162,900 shares worth about $20.34 million over the past three months.

Harvest Management LLC purchased a new position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 79,000 shares of the company's stock, valued at approximately $10,486,000. Apogee Therapeutics makes up about 4.1% of Harvest Management LLC's holdings, making the stock its 11th biggest holding. Harvest Management LLC owned approximately 0.13% of Apogee Therapeutics at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of APGE. Rockefeller Capital Management L.P. purchased a new position in shares of Apogee Therapeutics during the fourth quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new stake in Apogee Therapeutics in the 4th quarter worth approximately $37,000. GAMMA Investing LLC grew its stake in Apogee Therapeutics by 40.5% in the 2nd quarter. GAMMA Investing LLC now owns 309 shares of the company's stock worth $41,000 after acquiring an additional 89 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company's stock valued at $54,000 after acquiring an additional 246 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC acquired a new position in Apogee Therapeutics in the 2nd quarter valued at $81,000. Institutional investors and hedge funds own 79.04% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on APGE. The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a research report on Thursday, May 28th. BTIG Research downgraded Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research report on Wednesday, August 12th. Truist Financial increased their target price on Apogee Therapeutics from $81.00 to $135.00 and gave the stock a "hold" rating in a research report on Thursday, August 13th. Canaccord Genuity Group lowered Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their price target for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. Finally, Wedbush cut Apogee Therapeutics from an "outperform" rating to a "neutral" rating and set a $135.00 price target for the company. in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $126.77.

Apogee Therapeutics Stock Up 0.0%

Shares of NASDAQ APGE opened at $134.97 on Friday. Apogee Therapeutics Inc. has a 52-week low of $35.39 and a 52-week high of $134.99. The firm has a fifty day moving average of $133.99 and a 200-day moving average of $98.55. The stock has a market capitalization of $8.40 billion, a PE ratio of -31.10 and a beta of 0.34.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing analysts' consensus estimates of ($1.07) by ($0.07). Equities research analysts expect that Apogee Therapeutics Inc. will post -4.47 EPS for the current fiscal year.

Insider Transactions at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 5,500 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $134.17, for a total value of $737,935.00. Following the transaction, the insider directly owned 168,498 shares in the company, valued at $22,607,376.66. This trade represents a 3.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 the firm's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total value of $2,672,600.00. Following the completion of the transaction, the chief executive officer owned 995,987 shares in the company, valued at approximately $133,093,742.81. This trade represents a 1.97% 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. In the last three months, insiders have sold 162,900 shares of company stock valued at $20,344,950. 24.30% of the stock is owned by company 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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