Apogee Therapeutics (NASDAQ:APGE) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Apogee Therapeutics (NASDAQ:APGE) released its quarterly earnings data on Monday. The company reported ($1.03) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.02, FiscalAI reports.

Apogee Therapeutics Trading Down 3.4%

Apogee Therapeutics stock opened at $68.50 on Wednesday. The firm has a market capitalization of $4.68 billion, a P/E ratio of -16.23 and a beta of 1.39. The stock’s fifty day simple moving average is $72.72 and its 200-day simple moving average is $60.26. Apogee Therapeutics has a twelve month low of $26.20 and a twelve month high of $84.56.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $95.00 price target on shares of Apogee Therapeutics in a research note on Monday, February 2nd. Wedbush boosted their price objective on shares of Apogee Therapeutics from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Apogee Therapeutics in a research report on Tuesday, December 9th. They issued a “buy” rating and a $103.00 target price on the stock. Wolfe Research started coverage on shares of Apogee Therapeutics in a research note on Wednesday, January 7th. They issued a “peer perform” rating on the stock. Finally, Royal Bank Of Canada lowered their price objective on shares of Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating for the company in a research report on Monday. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $104.92.

Insider Buying and Selling

In other Apogee Therapeutics news, 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 sale, the director owned 298,647 shares in the company, valued at $22,786,766.10. This represents a 85.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Thomas Henderson sold 40,000 shares of Apogee Therapeutics stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $75.01, for a total value of $3,000,400.00. Following the completion of the transaction, the chief executive officer owned 1,232,987 shares of the company’s stock, valued at $92,486,354.87. The trade was a 3.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,885,100 shares of company stock valued at $143,557,153 in the last three months. 42.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. raised its holdings in Apogee Therapeutics by 77.5% during 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 purchasing an additional 563,464 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Apogee Therapeutics by 62.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 156,108 shares of the company’s stock valued at $6,780,000 after buying an additional 59,782 shares during the last quarter. Alliancebernstein L.P. raised its stake in Apogee Therapeutics by 8.4% during the 2nd quarter. Alliancebernstein L.P. now owns 1,388,149 shares of the company’s stock worth $60,287,000 after acquiring an additional 107,199 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in Apogee Therapeutics by 184.0% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 309,066 shares of the company’s stock worth $13,423,000 after acquiring an additional 200,249 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in Apogee Therapeutics in the second quarter valued at $635,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

Apogee Therapeutics Company Profile

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.