Sei Investments Co. Grows Stock Holdings in Apogee Therapeutics Inc. $APGE

Key Points

• Sei Investments increased its Apogee Therapeutics stake by 158.5% in the first quarter, bringing its holdings to 42,203 shares worth about $3.55 million. Institutional investors collectively own 79.04% of APGE.
• Company insiders sold 177,400 shares worth approximately $21.25 million over the past 90 days, including sales by the CEO and another insider under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment is broadly cautious: APGE has an average “Hold” rating and a $121.25 price target, below its Friday opening price of $134.49. The stock has risen sharply, trading near its 52-week high of $134.58.

Sei Investments Co. grew its position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 158.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,203 shares of the company's stock after purchasing an additional 25,874 shares during the period. Sei Investments Co. owned about 0.07% of Apogee Therapeutics worth $3,552,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of APGE. Commonwealth Equity Services LLC increased its position in shares of 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 purchasing an additional 152 shares during the last quarter. Stifel Financial Corp lifted its position in Apogee Therapeutics by 3.5% in the 4th quarter. Stifel Financial Corp now owns 5,214 shares of the company's stock worth $394,000 after buying an additional 175 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in Apogee Therapeutics in the 4th quarter worth approximately $25,000. Comerica Bank boosted its stake in Apogee Therapeutics by 1.0% in the fourth quarter. Comerica Bank now owns 35,872 shares of the company's stock worth $2,708,000 after buying an additional 338 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Apogee Therapeutics in the fourth quarter worth approximately $37,000. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of the business's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $132.74, for a total transaction of $730,070.00. Following the transaction, the insider directly owned 177,873 shares of the company's stock, valued at approximately $23,610,862.02. The trade was a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the company's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total transaction of $2,672,600.00. Following the completion of the transaction, the chief executive officer owned 995,987 shares of the company's stock, valued at $133,093,742.81. This trade represents a 1.97% 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. Insiders sold 177,400 shares of company stock valued at $21,248,815 in the last ninety days. 24.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on APGE shares. Mizuho reissued a "neutral" rating and set a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. The Goldman Sachs Group set a $89.00 price objective on shares of Apogee Therapeutics in a research note on Thursday, May 28th. UBS Group lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and increased their target price for the company from $100.00 to $135.11 in a report on Tuesday, June 23rd. TD Cowen cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and upped their price target for the company from $116.00 to $135.00 in a research report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $121.25.

Apogee Therapeutics Price Performance

Shares of NASDAQ:APGE opened at $134.49 on Friday. Apogee Therapeutics Inc. has a 1 year low of $34.34 and a 1 year high of $134.58. The company has a market cap of $8.32 billion, a PE ratio of -31.06 and a beta of 0.34. The stock's 50-day moving average is $118.30 and its 200 day moving average is $91.58.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings data 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 expect that Apogee Therapeutics Inc. will post -4.45 EPS for the current fiscal 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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