NINE MASTS CAPITAL Ltd Takes Position in Apogee Therapeutics Inc. $APGE

Key Points

• NINE MASTS CAPITAL acquired 9,400 shares of Apogee Therapeutics in the second quarter, valued at approximately $1.25 million. Institutional investors collectively own 79.04% of the company.
• Analysts have largely turned more cautious: several downgraded APGE to “hold” or “neutral,” while raising price targets to around $135. The consensus rating is “Hold,” with an average price target of $124.43.
• APGE opened at $134.59 near its 12-month high, but the company reported a quarterly loss of $1.14 per share, missing estimates of $1.07. Insiders have sold 162,900 shares worth about $20.3 million over the past three months.

NINE MASTS CAPITAL Ltd acquired a new position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,400 shares of the company's stock, valued at approximately $1,248,000.

Other institutional investors also recently modified their holdings of the company. TD Asset Management Inc raised its position in shares of Apogee Therapeutics by 55.3% in the 4th quarter. TD Asset Management Inc now owns 129,290 shares of the company's stock worth $9,759,000 after acquiring an additional 46,050 shares in the last quarter. Vanguard Group Inc. grew its stake in Apogee Therapeutics by 27.3% during the fourth quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company's stock worth $215,709,000 after purchasing an additional 612,193 shares during the period. Bank of America Corp DE grew its stake in Apogee Therapeutics by 13.5% during the first quarter. Bank of America Corp DE now owns 900,871 shares of the company's stock worth $75,826,000 after purchasing an additional 107,176 shares during the period. Pictet Asset Management Holding SA bought a new stake in Apogee Therapeutics in the fourth quarter worth approximately $23,616,000. Finally, Geode Capital Management LLC increased its holdings in Apogee Therapeutics by 18.7% in the fourth quarter. Geode Capital Management LLC now owns 1,059,085 shares of the company's stock worth $79,957,000 after purchasing an additional 166,882 shares in the last quarter. 79.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on APGE shares. Truist Financial increased their price target on Apogee Therapeutics from $81.00 to $135.00 and gave the stock a "hold" rating in a report on Thursday. Deutsche Bank Aktiengesellschaft downgraded shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and boosted their target price for the company from $116.00 to $135.00 in a research report on Monday, June 22nd. Guggenheim lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 23rd. Stifel Nicolaus restated a "hold" rating and issued a $135.00 price target (up from $133.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Finally, UBS Group downgraded shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and lifted their price target for the company from $100.00 to $135.11 in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Apogee Therapeutics has an average rating of "Hold" and a consensus price target of $124.43.

Insider Activity

In related news, CEO Michael Thomas Henderson sold 20,000 shares of the company's stock in a transaction dated 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 sale, the chief executive officer owned 995,987 shares in the company, valued at $133,093,742.81. This represents a 1.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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, August 5th. The shares were sold at an average price of $134.17, for a total value of $737,935.00. Following the transaction, the insider owned 168,498 shares of the company's stock, valued at $22,607,376.66. This trade represents a 3.16% 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 162,900 shares of company stock valued at $20,344,950. 24.30% of the stock is currently owned by insiders.

Apogee Therapeutics Stock Up 0.0%

Shares of APGE opened at $134.59 on Tuesday. The business's fifty day moving average is $125.45 and its 200 day moving average is $94.43. Apogee Therapeutics Inc. has a 12-month low of $35.39 and a 12-month high of $134.88. The stock has a market cap of $8.37 billion, a P/E ratio of -31.01 and a beta of 0.34.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source