Marks Group Wealth Management Inc Takes $694,000 Position in Apogee Therapeutics Inc. $APGE

Key Points

• Marks Group Wealth Management disclosed a new Q1 position in Apogee Therapeutics, buying 8,243 shares valued at about $694,000.
• Several insiders sold stock on June 22 under pre-arranged trading plans, including CEO Michael Thomas Henderson who sold 80,000 shares for about $10.6 million, and insider Carl Dambkowski who sold 26,400 shares for about $3.5 million.
• Analysts remain cautious overall: Apogee has a Hold consensus rating with an average target price of $121.25, even as UBS and Guggenheim recently cut their ratings to neutral while raising price targets.

Marks Group Wealth Management Inc acquired a new position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,243 shares of the company's stock, valued at approximately $694,000.

A number of other hedge funds have also recently made changes to their positions in APGE. Rockefeller Capital Management L.P. purchased a new stake in Apogee Therapeutics in the fourth quarter valued at approximately $25,000. Los Angeles Capital Management LLC acquired a new position in Apogee Therapeutics during the fourth quarter worth $37,000. Quantbot Technologies LP purchased a new position in shares of Apogee Therapeutics during the third quarter worth $96,000. Seven Fleet Capital Management LP purchased a new position in shares of Apogee Therapeutics during the fourth quarter worth $136,000. Finally, BNP Paribas Financial Markets grew its stake 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 buying an additional 941 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company's stock.

Insider Transactions at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total value of $3,500,640.00. Following the completion of the transaction, the insider owned 179,248 shares in the company, valued at $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 80,000 shares of Apogee Therapeutics stock in a transaction that occurred on Monday, June 22nd. The stock was 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 of the company's stock, valued at $134,658,916.98. This represents a 7.30% 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. Over the last three months, insiders have sold 182,900 shares of company stock valued at $21,711,585. Corporate insiders own 24.30% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on APGE shares. UBS Group lowered Apogee Therapeutics from a "buy" rating to a "neutral" rating and increased their target price for the stock from $100.00 to $135.11 in a research note on Tuesday, June 23rd. Rothschild & Co Redburn began coverage on Apogee Therapeutics in a research report on Friday, May 1st. They issued a "buy" rating and a $140.00 target price for the company. Guggenheim lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 23rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Apogee Therapeutics in a research report on Monday, April 20th. Finally, BTIG Research reissued a "buy" rating and issued a $137.00 price objective on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. One equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat, Apogee Therapeutics currently has an average rating of "Hold" and a consensus price target of $121.25.

Apogee Therapeutics Trading Down 0.2%

NASDAQ:APGE opened at $134.08 on Friday. Apogee Therapeutics Inc. has a 12-month low of $34.34 and a 12-month high of $134.32. The firm has a market cap of $8.30 billion, a PE ratio of -30.97 and a beta of 0.32. The stock has a fifty day moving average price of $102.46 and a 200 day moving average price of $85.64.

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

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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