KBC Group NV Invests $3.19 Million in Apogee Therapeutics Inc. $APGE

Key Points

• KBC Group NV bought a new stake in Apogee Therapeutics, acquiring 37,843 shares valued at about $3.19 million in the first quarter.
• Apogee Therapeutics shares have surged to around $134.28, near their 52-week high, giving the company a market cap of about $8.31 billion.
• Insider activity has been notable, with CEO Michael Thomas Henderson and insider Carl Dambkowski both selling shares recently under pre-arranged trading plans.

KBC Group NV acquired a new position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 37,843 shares of the company's stock, valued at approximately $3,185,000. KBC Group NV owned 0.06% of Apogee Therapeutics as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. bought a new position in Apogee Therapeutics during the fourth quarter worth about $25,000. Los Angeles Capital Management LLC bought a new stake in shares of Apogee Therapeutics in the 4th quarter valued at about $37,000. Quantbot Technologies LP bought a new stake in shares of Apogee Therapeutics in the 3rd quarter valued at about $96,000. Seven Fleet Capital Management LP acquired a new stake in shares of Apogee Therapeutics in the 4th quarter valued at approximately $136,000. Finally, BNP Paribas Financial Markets raised its position in shares of Apogee Therapeutics by 34.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,649 shares of the company's stock valued at $158,000 after acquiring an additional 941 shares during the period. Institutional investors own 79.04% of the company's stock.

Apogee Therapeutics Stock Performance

Shares of APGE opened at $134.28 on Friday. The stock has a 50 day simple moving average of $108.57 and a 200 day simple moving average of $88.02. Apogee Therapeutics Inc. has a 52-week low of $34.34 and a 52-week high of $134.40. The firm has a market capitalization of $8.31 billion, a PE ratio of -31.01 and a beta of 0.32.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($1.06) EPS for the quarter, topping the consensus estimate of ($1.07) by $0.01. Equities research analysts predict that Apogee Therapeutics Inc. will post -4.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group set a $89.00 price objective on shares of Apogee Therapeutics in a report on Thursday, May 28th. Wedbush cut shares of Apogee Therapeutics from an "outperform" rating to a "neutral" rating and set a $135.00 price target on the stock. in a research report on Monday, June 22nd. Canaccord Genuity Group lowered shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and boosted their price target for the company from $130.00 to $135.11 in a report on Monday, June 22nd. Citigroup lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and boosted their price target for the company from $125.00 to $135.00 in a report on Tuesday, June 23rd. Finally, UBS Group cut shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and upped their price objective for the company from $100.00 to $135.11 in a research report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $121.25.

Insider Buying and Selling at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 20,000 shares of the company's stock in a transaction on Wednesday, July 8th. The shares were 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 directly owned 995,987 shares of the company's stock, valued at approximately $133,093,742.81. This represents a 1.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $132.74, for a total value of $730,070.00. Following the completion of the sale, the insider directly owned 177,873 shares in the company, valued at $23,610,862.02. This represents a 3.00% 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 182,900 shares of company stock valued at $21,711,585 in the last three months. 24.30% of the stock is owned by 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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