Apogee Therapeutics Target of Unusually Large Options Trading (NASDAQ:APGE)

Apogee Therapeutics Inc. (NASDAQ:APGE) saw some unusual options trading on Tuesday. Stock traders bought 5,182 put options on the company. This represents an increase of approximately 870% compared to the typical volume of 534 put options.

Insider Buying and Selling

In related news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total transaction of $432,905.00. Following the sale, the insider directly owned 205,648 shares in the company, valued at $16,186,554.08. The trade was a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $82.58, for a total value of $1,651,600.00. Following the completion of the sale, the chief executive officer directly owned 1,132,987 shares in the company, valued at approximately $93,562,066.46. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 76,500 shares of company stock valued at $6,323,295. 24.30% of the stock is currently owned by company insiders.

Institutional Trading of Apogee Therapeutics

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its position in Apogee Therapeutics by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company’s stock valued at $358,272,000 after purchasing an additional 22,884 shares during the period. Vanguard Group Inc. raised its stake in Apogee Therapeutics by 27.3% during the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock valued at $215,709,000 after buying an additional 612,193 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Apogee Therapeutics by 189,522.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock valued at $206,246,000 after buying an additional 2,731,015 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Apogee Therapeutics by 14.4% during the 1st quarter. Janus Henderson Group PLC now owns 2,360,596 shares of the company’s stock valued at $198,809,000 after buying an additional 297,992 shares during the period. Finally, Perceptive Advisors LLC boosted its stake in shares of Apogee Therapeutics by 72.4% in the 4th quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock worth $175,918,000 after buying an additional 978,662 shares during the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on APGE shares. Citigroup lowered shares of Apogee Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday. Mizuho lifted their target price on shares of Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, March 30th. UBS Group cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $100.00 to $135.11 in a research report on Tuesday. Canaccord Genuity Group lowered Apogee Therapeutics from a “buy” rating to a “hold” rating and raised their price objective for the company from $130.00 to $135.11 in a research report on Monday. Finally, Wedbush cut Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 price objective for the company. in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $119.08.

Apogee Therapeutics Trading Up 0.2%

APGE traded up $0.21 during trading on Tuesday, hitting $132.76. 3,854,457 shares of the company’s stock traded hands, compared to its average volume of 1,507,116. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of -30.65 and a beta of 0.62. The company’s 50 day simple moving average is $85.82 and its two-hundred day simple moving average is $78.46. Apogee Therapeutics has a 12-month low of $34.34 and a 12-month high of $133.00.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, topping the consensus estimate of ($1.07) by $0.01. On average, equities analysts expect that Apogee Therapeutics will post -4.45 EPS for the current year.

Trending Headlines about Apogee Therapeutics

Here are the key news stories impacting Apogee Therapeutics this week:

• Positive Sentiment: AbbVie agreed to acquire Apogee Therapeutics in an all-cash deal worth about $10.9 billion, sending shares higher as investors price in the $135.11 per share payout. Reuters article
• Positive Sentiment: The acquisition gives Apogee shareholders a defined cash value and reflects AbbVie’s interest in Apogee’s immunology and inflammation pipeline, reinforcing the strategic value of the business. WSJ article
• Neutral Sentiment: Canaccord Genuity and Citi both moved to neutral ratings after the deal, which may limit additional upside from the current level. The Fly article
• Negative Sentiment: Several shareholder law firms announced investigations into the transaction, creating potential legal noise around whether the buyout price is fair. PR Newswire article

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.