Apogee Therapeutics (NASDAQ:APGE) Shares Gap Down – Here’s Why

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE) gapped down before the market opened on Tuesday . The stock had previously closed at $77.51, but opened at $75.00. Apogee Therapeutics shares last traded at $77.63, with a volume of 271,001 shares.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Craig Hallum initiated coverage on Apogee Therapeutics in a report on Monday, November 3rd. They set a “buy” rating and a $109.00 price objective on the stock. Wall Street Zen cut Apogee Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Wednesday, October 8th. Stephens initiated coverage on Apogee Therapeutics in a research report on Tuesday, December 16th. They issued an “overweight” rating and a $95.00 target price on the stock. Finally, Mizuho began coverage on Apogee Therapeutics in a research report on Tuesday, October 21st. They set an “outperform” rating and a $105.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $102.82.

Apogee Therapeutics Price Performance

The stock has a 50-day moving average price of $69.13 and a 200-day moving average price of $50.96. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of -17.34 and a beta of 1.41.

Apogee Therapeutics (NASDAQ:APGE) last announced its earnings results on Monday, November 10th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.03. Equities analysts forecast that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Carl Dambkowski sold 10,900 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $75.00, for a total value of $817,500.00. Following the transaction, the insider owned 271,108 shares in the company, valued at approximately $20,333,100. The trade was a 3.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Thomas Henderson sold 20,000 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $75.38, for a total transaction of $1,507,600.00. Following the sale, the chief executive officer owned 1,212,987 shares of the company’s stock, valued at approximately $91,434,960.06. This trade represents a 1.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 101,685 shares of company stock worth $7,179,630. Company insiders own 42.77% of the company’s stock.

Institutional Trading of Apogee Therapeutics

A number of large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC boosted its position in shares of Apogee Therapeutics by 99.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 769 shares of the company’s stock valued at $33,000 after purchasing an additional 383 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its holdings in shares of Apogee Therapeutics by 41.2% during the third quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company’s stock valued at $33,000 after purchasing an additional 246 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Apogee Therapeutics by 18.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,779 shares of the company’s stock valued at $77,000 after buying an additional 272 shares in the last quarter. Quantbot Technologies LP acquired a new position in Apogee Therapeutics during the 3rd quarter worth approximately $96,000. Finally, BNP Paribas Financial Markets grew its stake in Apogee Therapeutics by 34.7% in the second quarter. BNP Paribas Financial Markets now owns 3,649 shares of the company’s stock valued at $158,000 after acquiring an additional 941 shares during the period. 79.04% of the stock is currently owned by institutional investors and hedge funds.

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.