Fairmount Funds Management Llc Sells 1,750,000 Shares of Apogee Therapeutics (NASDAQ:APGE) Stock

Apogee Therapeutics Inc. (NASDAQ:APGE) Director Fairmount Funds Management Llc sold 1,750,000 shares of the company’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the transaction, the director owned 298,647 shares in the company, valued at $22,786,766.10. The trade was a 85.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Apogee Therapeutics Stock Performance

Shares of APGE stock opened at $70.02 on Friday. The stock has a fifty day moving average price of $75.10 and a 200 day moving average price of $54.31. The stock has a market cap of $4.78 billion, a PE ratio of -15.99 and a beta of 1.41. Apogee Therapeutics Inc. has a 1 year low of $26.20 and a 1 year high of $84.56.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, November 10th. The company reported ($1.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.03. As a group, equities research analysts predict that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its position in shares of Apogee Therapeutics by 24.1% in the third quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company’s stock valued at $187,673,000 after purchasing an additional 917,991 shares during the period. Vanguard Group Inc. grew its holdings in Apogee Therapeutics by 6.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,245,631 shares of the company’s stock valued at $89,219,000 after buying an additional 136,693 shares during the period. Paradigm Biocapital Advisors LP increased its stake in shares of Apogee Therapeutics by 58.7% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 1,521,757 shares of the company’s stock valued at $60,459,000 after acquiring an additional 563,127 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Apogee Therapeutics by 2.2% during the 3rd quarter. Alliancebernstein L.P. now owns 1,419,132 shares of the company’s stock worth $56,382,000 after acquiring an additional 30,983 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of Apogee Therapeutics by 77.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,290,464 shares of the company’s stock worth $56,045,000 after acquiring an additional 563,464 shares during the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank Of Canada downgraded shares of Apogee Therapeutics from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $70.00 to $83.00 in a report on Thursday. Craig Hallum reaffirmed a “buy” rating and issued a $116.00 target price on shares of Apogee Therapeutics in a research note on Wednesday, January 7th. Stephens began coverage on Apogee Therapeutics in a report on Tuesday, December 16th. They set an “overweight” rating and a $95.00 target price on the stock. Mizuho initiated coverage on Apogee Therapeutics in a report on Tuesday, October 21st. They issued an “outperform” rating and a $105.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on Apogee Therapeutics in a research report on Tuesday, December 9th. They issued a “buy” rating and a $103.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Apogee Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $105.45.

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.