JPMorgan Chase & Co. Buys 417,161 Shares of Apogee Therapeutics Inc. $APGE

Key Points

• JPMorgan Chase raised its stake in Apogee Therapeutics by 57.9% in Q3, buying 417,161 shares to own 1,137,731 shares (1.67% of the company) worth about $45.2 million.
• Major insider selling occurred recently: Fairmount Funds sold 1.75 million shares for $133.5 million and insiders have sold ~1.84 million shares (~$140.1 million) in the past three months, though insiders still hold 42.77% of the stock.
• APGE opened at $66.04 with a market cap of $4.59 billion and a one-year range of $26.20–$84.56; analysts have a consensus rating of “Moderate Buy” with a $103.92 average price target.

JPMorgan Chase & Co. increased its stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 57.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,137,731 shares of the company's stock after acquiring an additional 417,161 shares during the period. JPMorgan Chase & Co. owned 1.67% of Apogee Therapeutics worth $45,202,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. ANTIPODES PARTNERS Ltd boosted its position in Apogee Therapeutics by 41.2% during the third quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company's stock worth $33,000 after purchasing an additional 246 shares during the period. Quantbot Technologies LP acquired a new position in Apogee Therapeutics during the third quarter valued at approximately $96,000. BNP Paribas Financial Markets raised its position in shares of Apogee Therapeutics by 34.7% in the second quarter. BNP Paribas Financial Markets now owns 3,649 shares of the company's stock valued at $158,000 after purchasing an additional 941 shares during the period. E Fund Management Co. Ltd. bought a new position in shares of Apogee Therapeutics in the second quarter valued at approximately $204,000. Finally, Optimize Financial Inc acquired a new stake in shares of Apogee Therapeutics in the second quarter worth $229,000. 79.04% of the stock is owned by institutional investors.

Apogee Therapeutics Trading Down 3.6%

Shares of NASDAQ APGE opened at $66.04 on Friday. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -15.65 and a beta of 1.39. Apogee Therapeutics Inc. has a one year low of $26.20 and a one year high of $84.56. The business has a fifty day simple moving average of $71.25 and a 200 day simple moving average of $63.05.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported ($1.03) earnings per share for the quarter, topping analysts' consensus estimates of ($1.05) by $0.02. On average, research analysts anticipate that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on APGE. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Apogee Therapeutics in a report on Wednesday, January 21st. Craig Hallum reissued a "buy" rating and set a $116.00 target price on shares of Apogee Therapeutics in a research report on Wednesday, January 7th. Wolfe Research initiated coverage on shares of Apogee Therapeutics in a report on Wednesday, January 7th. They set a "peer perform" rating for the company. Stephens assumed coverage on Apogee Therapeutics in a research report on Tuesday, December 16th. They issued an "overweight" rating and a $95.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Apogee Therapeutics in a research note on Tuesday, December 9th. They issued a "buy" rating and a $103.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Apogee Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $103.92.

Insider Activity

In other Apogee Therapeutics news, Director Fairmount Funds Management Llc sold 1,750,000 shares of the firm's stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the completion of the transaction, the director owned 298,647 shares in the company, valued at $22,786,766.10. This trade represents a 85.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $71.06, for a total value of $390,830.00. Following the sale, the insider directly owned 209,773 shares in the company, valued at $14,906,469.38. The trade was a 2.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,839,700 shares of company stock worth $140,118,083. Corporate insiders own 42.77% of the company's stock.

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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