Insider Selling: Apogee Therapeutics (NASDAQ:APGE) CEO Sells 20,000 Shares

Key Points

• Apogee Therapeutics CEO Michael Thomas Henderson sold 20,000 shares on July 8 at an average price of $133.63, totaling about $2.67 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• This follows several recent insider sales by Henderson, including 80,000 shares on June 22 and two earlier 20,000-share sales in June and May, indicating a broader pattern of trimming holdings.
• APGE shares have surged near their 52-week high, trading around $133.65 versus a low of $34.34, while Wall Street’s consensus rating remains Hold with an average target price of $121.25.

Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) CEO Michael Thomas Henderson sold 20,000 shares of the firm's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total value of $2,672,600.00. Following the transaction, the chief executive officer directly owned 995,987 shares of the company's stock, valued at approximately $133,093,742.81. This represents a 1.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Thomas Henderson also recently made the following trade(s):

• On Monday, June 22nd, Michael Thomas Henderson sold 80,000 shares of Apogee Therapeutics stock. The shares were sold at an average price of $132.54, for a total value of $10,603,200.00.
• On Wednesday, June 10th, Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock. The stock was sold at an average price of $83.38, for a total value of $1,667,600.00.
• On Wednesday, May 13th, Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock. The stock was sold at an average price of $82.09, for a total value of $1,641,800.00.

Apogee Therapeutics Price Performance

Shares of Apogee Therapeutics stock traded up $0.08 during midday trading on Friday, reaching $133.65. The company had a trading volume of 787,802 shares, compared to its average volume of 5,990,803. The stock has a fifty day moving average price of $98.39 and a 200 day moving average price of $84.01. Apogee Therapeutics Inc. has a fifty-two week low of $34.34 and a fifty-two week high of $133.87. The firm has a market cap of $8.27 billion, a PE ratio of -30.87 and a beta of 0.32.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, beating analysts' consensus estimates of ($1.07) by $0.01. As a group, sell-side analysts forecast that Apogee Therapeutics Inc. will post -4.45 EPS for the current year.

Wall Street Analyst Weigh In

APGE has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft downgraded Apogee Therapeutics from a "buy" rating to a "hold" rating and boosted their price objective for the company from $116.00 to $135.00 in a research note on Monday, June 22nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Apogee Therapeutics in a report on Monday, April 20th. BTIG Research restated a "buy" rating and set a $137.00 price target on shares of Apogee Therapeutics in a report on Wednesday, May 27th. Citigroup downgraded shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $125.00 to $135.00 in a research report on Tuesday, June 23rd. Finally, TD Cowen lowered shares of Apogee Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. One 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $121.25.

Institutional Investors Weigh In On Apogee Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. acquired a new position in shares of Apogee Therapeutics during the fourth quarter valued at about $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Apogee Therapeutics in the 4th quarter worth about $37,000. GAMMA Investing LLC raised its holdings in shares of Apogee Therapeutics by 40.5% in the 2nd quarter. GAMMA Investing LLC now owns 309 shares of the company's stock worth $41,000 after acquiring an additional 89 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company's stock valued at $54,000 after acquiring an additional 246 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in Apogee Therapeutics in the 3rd quarter valued at about $96,000. Institutional investors and hedge funds own 79.04% of the company's stock.

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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