Jennison Associates LLC Decreases Position in Apogee Therapeutics Inc. (NASDAQ:APGE)

Jennison Associates LLC reduced its holdings in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 293,757 shares of the company's stock after selling 18,634 shares during the quarter. Jennison Associates LLC owned approximately 0.65% of Apogee Therapeutics worth $10,975,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Apogee Therapeutics by 4.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,835 shares of the company's stock worth $1,078,000 after purchasing an additional 931 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Apogee Therapeutics during the 4th quarter valued at $43,000. Granahan Investment Management LLC raised its holdings in Apogee Therapeutics by 1.2% during the 4th quarter. Granahan Investment Management LLC now owns 92,854 shares of the company's stock valued at $4,206,000 after buying an additional 1,097 shares during the last quarter. Rhumbline Advisers raised its holdings in Apogee Therapeutics by 3.2% in the 1st quarter. Rhumbline Advisers now owns 54,385 shares of the company's stock worth $2,032,000 after purchasing an additional 1,665 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in Apogee Therapeutics by 8.7% in the 4th quarter. MetLife Investment Management LLC now owns 22,960 shares of the company's stock worth $1,040,000 after purchasing an additional 1,845 shares in the last quarter. 79.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Guggenheim restated a "buy" rating and set a $116.00 target price on shares of Apogee Therapeutics in a research note on Wednesday, July 2nd. Wedbush reaffirmed an "outperform" rating and set a $90.00 price objective on shares of Apogee Therapeutics in a research note on Monday, July 7th. Citigroup restated a "buy" rating on shares of Apogee Therapeutics in a research note on Monday, July 7th. Finally, BTIG Research boosted their price target on Apogee Therapeutics from $100.00 to $115.00 and gave the company a "buy" rating in a report on Monday, July 7th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $99.00.

Apogee Therapeutics Stock Up 0.6%

Apogee Therapeutics stock traded up $0.25 during mid-day trading on Thursday, hitting $40.83. 152,891 shares of the company's stock traded hands, compared to its average volume of 763,115. The company has a market cap of $1.88 billion, a PE ratio of -11.34 and a beta of 1.47. The firm has a 50 day moving average price of $40.40 and a 200 day moving average price of $38.37. Apogee Therapeutics Inc. has a one year low of $26.20 and a one year high of $63.50.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.95) earnings per share for the quarter, beating the consensus estimate of ($1.19) by $0.24. On average, analysts expect that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Carl Dambkowski sold 10,090 shares of the firm's stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 15,540 shares of company stock valued at $653,093. Company insiders own 42.77% of the company's stock.

Apogee Therapeutics Company 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.