UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Position in Apogee Therapeutics Inc. $APGE

Key Points

• UBS Asset Management increased its Apogee Therapeutics stake by 17.9% in the second quarter, bringing its holdings to 66,433 shares valued at approximately $8.8 million. Institutional investors collectively own 79.04% of APGE.
• Apogee shares opened at $135.07, near their 12-month high of $135.09, but the company reported a quarterly loss of $1.14 per share, missing estimates of a $1.07 loss.
• Analysts maintain a consensus “Hold” rating with an average price target of $126.77, while insiders sold approximately $19.9 million worth of shares over the past 90 days.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 17.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 66,433 shares of the company's stock after purchasing an additional 10,081 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.11% of Apogee Therapeutics worth $8,818,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mint Tower Capital Management B.V. purchased a new stake in Apogee Therapeutics during the 2nd quarter valued at $2,186,000. Empowered Funds LLC bought a new position in shares of Apogee Therapeutics during the second quarter valued at about $274,000. Glazer Capital LLC purchased a new stake in shares of Apogee Therapeutics during the second quarter worth about $217,816,000. Capstone Investment Advisors LLC purchased a new stake in shares of Apogee Therapeutics during the second quarter worth about $15,928,000. Finally, Corient Private Wealth LP bought a new stake in shares of Apogee Therapeutics in the second quarter worth about $680,000. 79.04% of the stock is currently owned by institutional investors.

Apogee Therapeutics Stock Performance

APGE opened at $135.07 on Tuesday. The stock has a fifty day simple moving average of $134.28 and a two-hundred day simple moving average of $101.66. The company has a market cap of $8.40 billion, a price-to-earnings ratio of -31.12 and a beta of 0.33. Apogee Therapeutics Inc. has a 12-month low of $35.39 and a 12-month high of $135.09.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.07). On average, analysts predict that Apogee Therapeutics Inc. will post -4.47 EPS for the current year.

Insider Buying and Selling

In other Apogee Therapeutics news, CEO Michael Henderson sold 80,000 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the completion of the transaction, the chief executive officer owned 1,015,987 shares of the company's stock, valued at approximately $134,658,916.98. This trade represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the transaction, the insider owned 179,248 shares of the company's stock, valued at $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 157,400 shares of company stock valued at $19,912,045 in the last ninety days. Insiders own 24.30% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on APGE. Mizuho reaffirmed a "neutral" rating and set a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. Stifel Nicolaus reiterated a "hold" rating and issued a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. Craig Hallum set a $135.11 target price on Apogee Therapeutics and gave the company a "hold" rating in a research note on Monday, June 22nd. Royal Bank Of Canada upped their target price on Apogee Therapeutics from $82.00 to $97.00 and gave the company a "sector perform" rating in a report on Monday, June 8th. Finally, Canaccord Genuity Group lowered Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their price target for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $126.77.

Apogee Therapeutics Company 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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