Platinum Investment Management Ltd. Sells 24,516 Shares of Apogee Therapeutics Inc. $APGE

Key Points

• Platinum Investment Management cut its Apogee Therapeutics stake by 26.2% in Q4, selling 24,516 shares and leaving it with 69,212 shares worth about $5.22 million.
• Several analysts remain constructive on APGE, with a consensus Moderate Buy rating and an average price target of $114.56, though recent targets have ranged from hold to buy.
• Apogee shares were down 1.3% to $88.33, while the company continues to report losses; its latest quarterly EPS of -$1.06 narrowly beat expectations.

Platinum Investment Management Ltd. lowered its position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 26.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,212 shares of the company's stock after selling 24,516 shares during the period. Apogee Therapeutics makes up approximately 1.2% of Platinum Investment Management Ltd.'s portfolio, making the stock its 27th largest position. Platinum Investment Management Ltd. owned approximately 0.10% of Apogee Therapeutics worth $5,224,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in APGE. Commonwealth Equity Services LLC lifted its stake in Apogee Therapeutics by 2.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,151 shares of the company's stock valued at $540,000 after acquiring an additional 152 shares during the period. ANTIPODES PARTNERS Ltd lifted its stake in Apogee Therapeutics by 41.2% during the 3rd quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company's stock valued at $33,000 after acquiring an additional 246 shares during the period. Comerica Bank lifted its stake in Apogee Therapeutics by 1.0% during the 4th quarter. Comerica Bank now owns 35,872 shares of the company's stock valued at $2,708,000 after acquiring an additional 338 shares during the period. Los Angeles Capital Management LLC bought a new position in Apogee Therapeutics during the 4th quarter valued at about $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 valued at $921,000 after acquiring an additional 694 shares during the period. Institutional investors own 79.04% of the company's stock.

Analysts Set New Price Targets

APGE has been the topic of several research analyst reports. Royal Bank Of Canada upped their target price on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a "sector perform" rating in a research note on Monday. The Goldman Sachs Group set a $89.00 target price on shares of Apogee Therapeutics in a research report on Thursday, May 28th. Rothschild & Co Redburn assumed coverage on shares of Apogee Therapeutics in a research report on Friday, May 1st. They issued a "buy" rating and a $140.00 target price for the company. BTIG Research reaffirmed a "buy" rating and issued a $137.00 target price on shares of Apogee Therapeutics in a research report on Wednesday, May 27th. Finally, Truist Financial cut their target price on shares of Apogee Therapeutics from $83.00 to $81.00 and set a "hold" rating for the company in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Apogee Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $114.56.

Insider Buying and Selling at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $82.58, for a total transaction of $1,651,600.00. Following the transaction, the chief executive officer owned 1,132,987 shares in the company, valued at $93,562,066.46. This trade represents a 1.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 on Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total transaction of $432,905.00. Following the transaction, the insider owned 205,648 shares in the company, valued at $16,186,554.08. This represents a 2.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 76,500 shares of company stock worth $6,323,295 in the last quarter. Corporate insiders own 24.30% of the company's stock.

Apogee Therapeutics Trading Down 1.3%

NASDAQ:APGE opened at $88.33 on Friday. Apogee Therapeutics Inc. has a 12 month low of $34.34 and a 12 month high of $95.32. The company has a market cap of $5.47 billion, a PE ratio of -20.40 and a beta of 0.62. The company has a 50 day simple moving average of $84.47 and a two-hundred day simple moving average of $77.33.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its quarterly 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. Research analysts forecast that Apogee Therapeutics Inc. will post -4.45 earnings per share 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.

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