Legal & General Group Plc Buys Shares of 32,695 Apogee Therapeutics Inc. $APGE

Key Points

• Legal & General Group Plc initiated a position in Apogee Therapeutics, purchasing 32,695 shares valued at approximately $4.34 million. Institutional investors collectively own 79.04% of the company.
• Apogee insiders sold 157,400 shares worth about $19.9 million during the latest quarter, including CEO Michael Henderson’s sale of 80,000 shares under a pre-arranged Rule 10b5-1 plan.
• Analyst sentiment is largely neutral: Apogee has an average “Hold” rating and a $126.77 price target, while the stock recently traded near its 52-week high at $135.07. The company also missed quarterly EPS estimates, reporting a loss of $1.14 per share versus expectations of $1.07.

Legal & General Group Plc bought a new position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 32,695 shares of the company's stock, valued at approximately $4,340,000. Legal & General Group Plc owned about 0.05% of Apogee Therapeutics at the end of the most recent reporting period.

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

Insider Activity

In related news, CEO Michael Henderson sold 80,000 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the completion of the transaction, the chief executive officer owned 1,015,987 shares in the company, valued at $134,658,916.98. The trade was a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the sale, the insider directly owned 179,248 shares of the company's stock, valued at $23,768,284.80. The trade was a 12.84% decrease in their position. 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. Insiders sold 157,400 shares of company stock worth $19,912,045 in the last quarter. 24.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

APGE has been the subject of a number of recent research reports. Guggenheim lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating in a report on Tuesday, June 23rd. The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a research report on Thursday, May 28th. UBS Group cut shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and boosted their price target for the company from $100.00 to $135.11 in a research report on Tuesday, June 23rd. Stifel Nicolaus reiterated a "hold" rating and issued a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their target price for the company from $116.00 to $135.00 in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Apogee Therapeutics has an average rating of "Hold" and an average price target of $126.77.

Apogee Therapeutics Stock Performance

Apogee Therapeutics stock opened at $135.07 on Friday. The company has a market capitalization of $8.40 billion, a PE ratio of -31.12 and a beta of 0.33. The company has a 50 day moving average price of $134.23 and a 200-day moving average price of $100.96. Apogee Therapeutics Inc. has a fifty-two week low of $35.39 and a fifty-two week high of $135.09.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.07) by ($0.07). On average, analysts forecast that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current year.

About Apogee Therapeutics

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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