Octagon Capital Advisors LP Takes $399.75 Million Position in Apogee Therapeutics Inc. $APGE

Key Points

• Octagon Capital Advisors LP has acquired a significant stake in Apogee Therapeutics Inc. (NASDAQ: APGE), purchasing 10.7 million shares worth approximately $399.75 million during the first quarter, making it their largest holding at 42.8% of their portfolio.
• Apogee Therapeutics reported a loss of $1.13 per share in its latest quarterly earnings, missing the consensus estimate of ($1.03) by $0.10, while analysts predict an EPS of -$3.09 for the current year.
• Multiple institutional investors have recently increased their positions in Apogee, with 79.04% of the stock now owned by institutional investors, highlighting growing interest in the company's future.

Octagon Capital Advisors LP acquired a new stake in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 10,700,000 shares of the company's stock, valued at approximately $399,752,000. Apogee Therapeutics makes up about 42.8% of Octagon Capital Advisors LP's holdings, making the stock its biggest position. Octagon Capital Advisors LP owned 23.84% of Apogee Therapeutics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Apogee Therapeutics by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock valued at $921,000 after buying an additional 694 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in Apogee Therapeutics in the 4th quarter valued at $43,000. Brooklyn Investment Group acquired a new position in Apogee Therapeutics in the 1st quarter valued at $42,000. AlphaQuest LLC acquired a new position in Apogee Therapeutics in the 1st quarter valued at $43,000. Finally, Rhumbline Advisers grew its holdings in Apogee Therapeutics by 3.2% in the 1st quarter. Rhumbline Advisers now owns 54,385 shares of the company's stock valued at $2,032,000 after buying an additional 1,665 shares in the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup reaffirmed a "buy" rating on shares of Apogee Therapeutics in a report on Thursday, August 28th. Guggenheim reiterated a "buy" rating and set a $116.00 target price on shares of Apogee Therapeutics in a research report on Wednesday, July 2nd. Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Apogee Therapeutics in a research report on Monday, August 11th. Zacks Research downgraded Apogee Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Finally, Bank of America upped their target price on Apogee Therapeutics from $78.00 to $87.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $97.29.

Apogee Therapeutics Trading Down 1.0%

APGE traded down $0.39 on Friday, reaching $36.88. The stock had a trading volume of 474,539 shares, compared to its average volume of 463,473. Apogee Therapeutics Inc. has a fifty-two week low of $26.20 and a fifty-two week high of $63.50. The firm has a 50-day moving average of $37.76 and a 200-day moving average of $37.99. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of -8.93 and a beta of 1.42.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.10). Sell-side analysts anticipate that Apogee Therapeutics Inc. will post -3.09 EPS for the current fiscal year.

Insider Transactions at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 10,090 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $45.09, for a total value of $454,958.10. Following the completion of the transaction, the insider owned 238,998 shares of the company's stock, valued at $10,776,419.82. This represents a 4.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 15,540 shares of company stock valued at $661,104. 42.77% of the stock is owned by corporate insiders.

Apogee Therapeutics Profile

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.