Apogee Therapeutics (NASDAQ:APGE) Trading Down 9.1% After Insider Selling

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares traded down 9.1% during trading on Friday following insider selling activity. The company traded as low as $44.45 and last traded at $44.71. 51,379 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 287,248 shares. The stock had previously closed at $49.21.

Specifically, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $48.85, for a total transaction of $732,750.00. Following the sale, the chief executive officer now owns 1,309,487 shares in the company, valued at $63,968,439.95. This trade represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on APGE shares. Wedbush upped their target price on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a research report on Monday, November 25th. They issued a “buy” rating and a $89.00 target price for the company. Finally, Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a research report on Monday, November 25th. They set a “buy” rating and a $89.00 price target on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Apogee Therapeutics presently has an average rating of “Buy” and a consensus price target of $89.71.

Apogee Therapeutics Stock Performance

The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -16.96 and a beta of 2.26. The company’s fifty day moving average price is $48.43 and its 200 day moving average price is $49.00.

Hedge Funds Weigh In On Apogee Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of APGE. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Apogee Therapeutics in the 3rd quarter worth approximately $71,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Apogee Therapeutics by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock valued at $94,000 after buying an additional 285 shares during the last quarter. Wexford Capital LP acquired a new position in shares of Apogee Therapeutics during the third quarter valued at $230,000. Intech Investment Management LLC bought a new position in shares of Apogee Therapeutics during the third quarter worth about $300,000. Finally, Valence8 US LP acquired a new stake in shares of Apogee Therapeutics in the 3rd quarter worth about $308,000. 79.04% of the stock is currently owned by institutional investors and hedge funds.

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.