Perceptive Advisors LLC Has $129.65 Million Stock Holdings in Apogee Therapeutics Inc. $APGE

Key Points

• Perceptive Advisors cut its Apogee Therapeutics stake by 33.9% in the first quarter, selling 790,267 shares. It still held 1.54 million shares valued at $129.65 million, representing 2.49% of Apogee and 2.5% of the fund’s portfolio.
• Apogee shares opened at $134.09, near their 52-week high, giving the company an $8.30 billion market capitalization. The company reported a quarterly loss of $1.06 per share, slightly better than analysts’ $1.07 estimate.
• Wall Street’s overall view remains cautious, with an average “Hold” rating and a $121.25 price target. Insiders sold 182,900 shares worth $21.7 million over the past quarter, while institutional investors own 79.04% of the stock.

Perceptive Advisors LLC decreased its position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 33.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,540,384 shares of the company's stock after selling 790,267 shares during the period. Apogee Therapeutics accounts for 2.5% of Perceptive Advisors LLC's portfolio, making the stock its 11th largest position. Perceptive Advisors LLC owned 2.49% of Apogee Therapeutics worth $129,654,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in APGE. Rockefeller Capital Management L.P. bought a new stake in Apogee Therapeutics during the 4th quarter worth about $25,000. Los Angeles Capital Management LLC acquired a new position in Apogee Therapeutics during the 4th quarter valued at about $37,000. EverSource Wealth Advisors LLC boosted its stake in shares of Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company's stock valued at $54,000 after purchasing an additional 246 shares during the last quarter. Seven Fleet Capital Management LP bought a new position in shares of Apogee Therapeutics in the 4th quarter valued at about $136,000. Finally, Ensign Peak Advisors Inc acquired a new stake in shares of Apogee Therapeutics during the 4th quarter worth approximately $170,000. 79.04% of the stock is currently owned by institutional investors and hedge funds.

Apogee Therapeutics Stock Performance

Shares of NASDAQ APGE opened at $134.09 on Friday. Apogee Therapeutics Inc. has a 52-week low of $34.34 and a 52-week high of $134.46. The stock has a market cap of $8.30 billion, a P/E ratio of -30.97 and a beta of 0.32. The firm has a 50 day moving average price of $113.95 and a 200 day moving average price of $89.98.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its 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. Analysts predict that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on APGE shares. Weiss Ratings restated a "sell (d-)" rating on shares of Apogee Therapeutics in a report on Friday, July 17th. Truist Financial lowered their target price on shares of Apogee Therapeutics from $83.00 to $81.00 and set a "hold" rating for the company in a report on Wednesday, May 27th. Wedbush cut shares of Apogee Therapeutics from an "outperform" rating to a "neutral" rating and set a $135.00 target price for the company. in a research report on Monday, June 22nd. Royal Bank Of Canada increased their price target on Apogee Therapeutics from $82.00 to $97.00 and gave the company a "sector perform" rating in a research note on Monday, June 8th. Finally, Mizuho restated a "neutral" rating and issued a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $121.25.

Insider Activity

In other Apogee Therapeutics news, insider Carl Dambkowski sold 26,400 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was 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 directly owned 179,248 shares of the company's stock, valued at approximately $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.54, for a total value of $10,603,200.00. Following the completion of the sale, the chief executive officer owned 1,015,987 shares of the company's stock, valued at $134,658,916.98. This trade represents a 7.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 182,900 shares of company stock worth $21,711,585. Corporate insiders own 24.30% of the company's stock.

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.

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