Apogee Therapeutics (NASDAQ:APGE) Trading Down 10.2% Following Insider Selling

Apogee Therapeutics Inc. (NASDAQ:APGE)’s stock price fell 10.2% during trading on Friday after an insider sold shares in the company. The company traded as low as $70.91 and last traded at $71.7120. 371,580 shares changed hands during trading, a decline of 57% from the average session volume of 868,492 shares. The stock had previously closed at $79.86.

Specifically, Director Fairmount Funds Management Llc sold 1,750,000 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the sale, the director owned 298,647 shares of the company’s stock, valued at $22,786,766.10. This represents a 85.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

APGE has been the topic of several recent research reports. Royal Bank Of Canada cut shares of Apogee Therapeutics from an “outperform” rating to a “sector perform” rating and upped their target price for the company from $70.00 to $83.00 in a research report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Wednesday. Craig Hallum reiterated a “buy” rating and issued a $116.00 target price on shares of Apogee Therapeutics in a report on Wednesday, January 7th. UBS Group raised Apogee Therapeutics to a “strong-buy” rating in a research report on Wednesday, January 7th. Finally, Stifel Nicolaus set a $133.00 price target on Apogee Therapeutics in a research report on Tuesday, January 6th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $105.45.

Apogee Therapeutics Price Performance

The stock has a market capitalization of $4.78 billion, a P/E ratio of -15.99 and a beta of 1.41. The stock’s fifty day moving average price is $75.10 and its 200 day moving average price is $54.31.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings data on Monday, November 10th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.14) by $0.03. On average, sell-side analysts expect that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in shares of Apogee Therapeutics by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company’s stock worth $187,673,000 after buying an additional 917,991 shares during the period. UBS Group AG raised its holdings in shares of Apogee Therapeutics by 646.1% in the third quarter. UBS Group AG now owns 799,465 shares of the company’s stock valued at $31,763,000 after acquiring an additional 692,308 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in 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 period. Paradigm Biocapital Advisors LP grew its holdings in Apogee Therapeutics by 58.7% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 1,521,757 shares of the company’s stock worth $60,459,000 after acquiring an additional 563,127 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new position in Apogee Therapeutics during the 3rd quarter valued at about $16,885,000. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

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.