The Manufacturers Life Insurance Company Lowers Position in Apogee Therapeutics Inc. $APGE

The Manufacturers Life Insurance Company trimmed its holdings in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) by 15.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,696 shares of the company’s stock after selling 12,136 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Apogee Therapeutics were worth $5,782,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. TD Asset Management Inc raised its stake in shares of Apogee Therapeutics by 55.3% in the 4th quarter. TD Asset Management Inc now owns 129,290 shares of the company’s stock valued at $9,759,000 after acquiring an additional 46,050 shares during the period. Vanguard Group Inc. boosted its position in shares of Apogee Therapeutics by 27.3% during the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock worth $215,709,000 after purchasing an additional 612,193 shares during the period. Pictet Asset Management Holding SA purchased a new position in shares of Apogee Therapeutics during the 4th quarter worth approximately $23,616,000. Geode Capital Management LLC increased its holdings in Apogee Therapeutics by 18.7% in the 4th quarter. Geode Capital Management LLC now owns 1,059,085 shares of the company’s stock valued at $79,957,000 after purchasing an additional 166,882 shares during the last quarter. Finally, Jennison Associates LLC acquired a new stake in Apogee Therapeutics in the 4th quarter valued at approximately $43,675,000. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Apogee Therapeutics Stock Up 0.0%

Shares of APGE opened at $134.23 on Thursday. The company has a market cap of $8.31 billion, a P/E ratio of -31.00 and a beta of 0.34. Apogee Therapeutics Inc. has a fifty-two week low of $34.34 and a fifty-two week high of $134.46. The firm’s 50 day moving average price is $117.16 and its 200 day moving average price is $91.20.

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

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 26,400 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the sale, the insider owned 179,248 shares in the company, valued at $23,768,284.80. This represents a 12.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.54, for a total value of $10,603,200.00. Following the completion of the sale, the chief executive officer directly owned 1,015,987 shares in the company, valued at $134,658,916.98. This represents a 7.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 177,400 shares of company stock valued at $21,248,815. 24.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

APGE has been the topic of a number of research reports. Rothschild & Co Redburn began coverage on Apogee Therapeutics in a research note on Friday, May 1st. They set a “buy” rating and a $140.00 price target on the stock. The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a research note on Thursday, May 28th. Stifel Nicolaus reiterated a “hold” rating and issued a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Truist Financial decreased their target price on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, May 27th. Finally, UBS Group cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and raised their target price for the company from $100.00 to $135.11 in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $121.25.

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.