Paradigm Biocapital Advisors LP Sells 322,059 Shares of Apogee Therapeutics Inc. $APGE

Key Points

• Paradigm Biocapital Advisors LP reduced its stake in Apogee Therapeutics by 25.1%, selling 322,059 shares during the first quarter and now holds 961,707 shares, making up about 1.7% of its portfolio.
• Investment analysts have issued mixed ratings for Apogee Therapeutics, with seven firms giving a "buy" rating and a consensus target price of $97.29 despite recent earnings challenges.
• Apogee Therapeutics has a current market cap of $1.68 billion and recently reported an earnings per share (EPS) of ($1.13), missing expectations by $0.10.

Paradigm Biocapital Advisors LP trimmed its holdings in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 25.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 961,707 shares of the company's stock after selling 322,059 shares during the period. Apogee Therapeutics comprises approximately 1.7% of Paradigm Biocapital Advisors LP's investment portfolio, making the stock its 14th largest holding. Paradigm Biocapital Advisors LP owned 2.14% of Apogee Therapeutics worth $35,929,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GF Fund Management CO. LTD. bought a new stake in shares of Apogee Therapeutics during the fourth quarter valued at about $43,000. Brooklyn Investment Group bought a new position in Apogee Therapeutics in the first quarter worth $42,000. AlphaQuest LLC bought a new stake in Apogee Therapeutics during the 1st quarter valued at about $43,000. BNP Paribas Financial Markets purchased a new stake in shares of Apogee Therapeutics during the fourth quarter valued at $219,000. Finally, GAMMA Investing LLC boosted its position in Apogee Therapeutics by 3,560.1% in the first quarter. GAMMA Investing LLC now owns 5,417 shares of the company's stock worth $202,000 after purchasing an additional 5,269 shares during the last quarter. 79.04% of the stock is currently owned by institutional investors.

Apogee Therapeutics Stock Up 0.8%

Shares of NASDAQ:APGE traded up $0.30 during trading on Wednesday, hitting $38.16. 380,597 shares of the company traded hands, compared to its average volume of 456,246. The business's fifty day moving average is $38.88 and its 200-day moving average is $37.73. Apogee Therapeutics Inc. has a one year low of $26.20 and a one year high of $63.50.

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

Insider Buying and Selling

In other Apogee Therapeutics news, insider Carl Dambkowski sold 10,090 shares of the 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 transaction, the insider directly owned 238,998 shares of the company's stock, valued at $10,776,419.82. This represents a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 42.77% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on APGE. Citigroup reaffirmed a "buy" rating on shares of Apogee Therapeutics in a research report on Thursday, August 28th. BTIG Research upped their target price on Apogee Therapeutics from $100.00 to $115.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Apogee Therapeutics in a research report on Monday, August 11th. Bank of America upped their target price on Apogee Therapeutics from $78.00 to $87.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Zacks Research downgraded Apogee Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently 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.