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 bought a new position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 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 investment portfolio, making the stock its largest holding. Octagon Capital Advisors LP owned 23.84% of Apogee Therapeutics at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Millennium Management LLC increased its holdings in Apogee Therapeutics by 100.0% in the 1st quarter. Millennium Management LLC now owns 260,335 shares of the company's stock worth $9,726,000 after purchasing an additional 130,164 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Apogee Therapeutics by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock worth $921,000 after buying an additional 694 shares during the period. Granahan Investment Management LLC lifted its holdings in Apogee Therapeutics by 16.7% during the 1st quarter. Granahan Investment Management LLC now owns 108,340 shares of the company's stock worth $4,048,000 after buying an additional 15,486 shares during the period. Allostery Investments LP raised its position in shares of Apogee Therapeutics by 10.0% in the 1st quarter. Allostery Investments LP now owns 110,000 shares of the company's stock worth $4,110,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of Apogee Therapeutics by 202.7% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 727,000 shares of the company's stock valued at $27,161,000 after purchasing an additional 486,800 shares in the last quarter. Institutional investors and hedge funds own 79.04% of the company's stock.

Insiders Place Their Bets

In related news, insider Carl Dambkowski sold 10,090 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $45.09, for a total transaction of $454,958.10. Following the completion of the transaction, the insider directly owned 238,998 shares of the company's stock, valued at approximately $10,776,419.82. This trade represents a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 15,540 shares of company stock worth $661,104 over the last three months. Company insiders own 42.77% of the company's stock.

Apogee Therapeutics Price Performance

Apogee Therapeutics stock traded down $0.39 during mid-day trading on Friday, reaching $36.88. 474,539 shares of the stock traded hands, compared to its average volume of 720,606. The stock has a market capitalization of $1.70 billion, a PE ratio of -8.93 and a beta of 1.42. Apogee Therapeutics Inc. has a 12-month low of $26.20 and a 12-month high of $63.50. The business's 50-day moving average is $37.98 and its 200-day moving average is $37.87.

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

Analysts Set New Price Targets

Several analysts have recently commented on APGE shares. Zacks Research downgraded Apogee Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. Bank of America raised their price objective on shares of Apogee Therapeutics from $78.00 to $87.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. BTIG Research boosted their price target on shares of Apogee Therapeutics from $100.00 to $115.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Citigroup reiterated a "buy" rating on shares of Apogee Therapeutics in a research report on Thursday, August 28th. Finally, Guggenheim reissued a "buy" rating and set a $116.00 price objective on shares of Apogee Therapeutics in a research note on Wednesday, July 2nd. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $97.29.

Apogee Therapeutics Company 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.