The Manufacturers Life Insurance Company Takes Position in Apogee Therapeutics Inc. $APGE

Key Points

• The Manufacturers Life Insurance Company initiated a position in Apogee Therapeutics, purchasing 33,559 shares valued at approximately $4.45 million. Institutional investors collectively own 79.04% of the company.
• Apogee shares opened at $135.08, near their 52-week high, giving the company an $8.4 billion market capitalization. The biotech reported quarterly EPS of $(1.14), missing analysts’ $(1.07) estimate.
• Analyst sentiment is largely neutral: the stock has a consensus “Hold” rating and an average price target of $126.77, while insiders sold $20.3 million of shares over the past 90 days.

The Manufacturers Life Insurance Company bought a new stake in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 33,559 shares of the company's stock, valued at approximately $4,454,000. The Manufacturers Life Insurance Company owned approximately 0.05% of Apogee Therapeutics at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. TD Asset Management Inc grew its position in shares of Apogee Therapeutics by 55.3% in the fourth quarter. TD Asset Management Inc now owns 129,290 shares of the company's stock valued at $9,759,000 after purchasing an additional 46,050 shares during the period. Vanguard Group Inc. lifted its stake in Apogee Therapeutics by 27.3% in the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company's stock valued at $215,709,000 after buying an additional 612,193 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Apogee Therapeutics by 7.3% in the 1st quarter. Bank of New York Mellon Corp now owns 126,757 shares of the company's stock worth $10,669,000 after buying an additional 8,673 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in Apogee Therapeutics during the 2nd quarter worth approximately $9,955,000. Finally, Bank of America Corp DE increased its stake in Apogee Therapeutics by 13.5% during the 1st quarter. Bank of America Corp DE now owns 900,871 shares of the company's stock worth $75,826,000 after buying an additional 107,176 shares in the last quarter. Institutional investors and hedge funds own 79.04% of the company's stock.

Apogee Therapeutics Price Performance

Shares of Apogee Therapeutics stock opened at $135.08 on Tuesday. The stock's 50 day simple moving average is $134.04 and its 200-day simple moving average is $99.30. The stock has a market cap of $8.40 billion, a P/E ratio of -31.12 and a beta of 0.35. Apogee Therapeutics Inc. has a 1-year low of $35.39 and a 1-year high of $135.08.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.07). As a group, research analysts expect that Apogee Therapeutics Inc. will post -4.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on APGE. BTIG Research downgraded Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research report on Wednesday, August 12th. Truist Financial increased their price objective on Apogee Therapeutics from $81.00 to $135.00 and gave the company a "hold" rating in a research note on Thursday, August 13th. UBS Group lowered Apogee Therapeutics from a "buy" rating to a "neutral" rating and raised their price objective for the company from $100.00 to $135.11 in a report on Tuesday, June 23rd. Royal Bank Of Canada lifted their target price on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the stock a "sector perform" rating in a research note on Monday, June 8th. Finally, Craig Hallum set a $135.11 target price on shares of Apogee Therapeutics and gave the stock a "hold" rating in a report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $126.77.

Insiders Place Their Bets

In other news, CEO Michael Thomas Henderson sold 20,000 shares of the business's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $133.63, for a total transaction of $2,672,600.00. Following the transaction, the chief executive officer owned 995,987 shares of the company's stock, valued at approximately $133,093,742.81. The trade was a 1.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $134.17, for a total transaction of $737,935.00. Following the completion of the sale, the insider directly owned 168,498 shares of the company's stock, valued at $22,607,376.66. This represents a 3.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 162,900 shares of company stock valued at $20,344,950 over the last ninety days. Corporate insiders own 24.30% of the company's stock.

Apogee Therapeutics Profile

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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