Woodline Partners LP Grows Stake in Apogee Therapeutics Inc. $APGE

Key Points

• Woodline Partners LP increased its stake in Apogee Therapeutics by 4.5%, owning approximately 2.36% of the company, valued at $39.64 million as of the latest SEC filing.
• Apogee Therapeutics has received both positive and negative reviews from analysts, with Zacks lowering its rating to "hold", while Citigroup and Bank of America maintained a "buy" rating and increased target prices.
• Insider trading activity has been noted, with a significant sale of 2,725 shares by insider Carl Dambkowski, reflecting recent changes in ownership among corporate insiders who own 42.77% of the stock.

Woodline Partners LP lifted its holdings in shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Free Report) by 4.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,061,053 shares of the company's stock after purchasing an additional 45,445 shares during the period. Woodline Partners LP owned about 2.36% of Apogee Therapeutics worth $39,641,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Ameriprise Financial Inc. purchased a new stake in Apogee Therapeutics in the 4th quarter worth about $259,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Apogee Therapeutics by 4.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,835 shares of the company's stock worth $1,078,000 after acquiring an additional 931 shares during the last quarter. Rhumbline Advisers increased its holdings in Apogee Therapeutics by 3.2% in the 1st quarter. Rhumbline Advisers now owns 54,385 shares of the company's stock worth $2,032,000 after acquiring an additional 1,665 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Apogee Therapeutics in the 4th quarter worth about $219,000. Finally, Bank of New York Mellon Corp increased its holdings in Apogee Therapeutics by 93.3% in the 1st quarter. Bank of New York Mellon Corp now owns 214,231 shares of the company's stock worth $8,004,000 after acquiring an additional 103,404 shares during the last quarter. 79.04% of the stock is currently owned by institutional investors.

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 10,090 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $45.09, for a total value of $454,958.10. Following the sale, the insider directly owned 238,998 shares of the company's stock, valued at $10,776,419.82. This represents a 4.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 15,540 shares of company stock worth $661,104 in the last ninety days. 42.77% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on APGE shares. Bank of America lifted their target price on Apogee Therapeutics from $78.00 to $87.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Citigroup reaffirmed a "buy" rating on shares of Apogee Therapeutics in a report on Thursday, August 28th. BTIG Research lifted their target price on Apogee Therapeutics from $100.00 to $115.00 and gave the company a "buy" rating in a report on Monday, July 7th. Zacks Research lowered Apogee Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 14th. Finally, Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Apogee Therapeutics in a report on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $97.29.

Apogee Therapeutics Trading Down 1.0%

APGE stock traded down $0.39 during midday trading on Friday, hitting $36.88. The company had a trading volume of 474,539 shares, compared to its average volume of 467,385. Apogee Therapeutics Inc. has a 52 week low of $26.20 and a 52 week high of $63.50. The stock's 50 day moving average price is $37.76 and its 200 day moving average price is $37.89. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -8.93 and a beta of 1.42.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.10). Analysts predict that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current year.

About Apogee Therapeutics

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.