Moore Capital Management LP Buys New Stake in Apogee Therapeutics Inc. $APGE

Moore Capital Management LP purchased a new position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,000 shares of the company’s stock, valued at approximately $2,655,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. acquired a new position in shares of Apogee Therapeutics in the fourth quarter worth about $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Apogee Therapeutics during the 4th quarter valued at about $37,000. GAMMA Investing LLC grew its position in shares of Apogee Therapeutics by 40.5% during the 2nd quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock valued at $41,000 after acquiring an additional 89 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after purchasing an additional 246 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC purchased a new position in shares of Apogee Therapeutics in the 2nd quarter valued at about $81,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

Apogee Therapeutics Stock Performance

NASDAQ APGE opened at $135.08 on Tuesday. The firm has a market capitalization of $8.40 billion, a P/E ratio of -31.12 and a beta of 0.35. The stock’s fifty day moving average is $134.04 and its two-hundred day moving average is $99.30. Apogee Therapeutics Inc. has a fifty-two week low of $35.39 and a fifty-two week high of $135.08.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings results on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.07). As a group, sell-side analysts forecast that Apogee Therapeutics Inc. will post -4.47 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael Thomas Henderson sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total transaction of $2,672,600.00. Following the completion of the sale, the chief executive officer directly owned 995,987 shares of the company’s stock, valued at approximately $133,093,742.81. This trade represents a 1.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $134.17, for a total transaction of $737,935.00. Following the completion of the sale, the insider owned 168,498 shares in the company, valued at approximately $22,607,376.66. This trade represents a 3.16% 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. Insiders sold 162,900 shares of company stock worth $20,344,950 in the last 90 days. Company insiders own 24.30% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. BTIG Research cut Apogee Therapeutics from a “buy” rating to a “neutral” rating in a report on Wednesday, August 12th. Canaccord Genuity Group downgraded Apogee Therapeutics from a “buy” rating to a “hold” rating and upped their target price for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. Stifel Nicolaus reiterated a “hold” rating and set a $135.00 target price (up from $133.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their price target for the company from $116.00 to $135.00 in a research note on Monday, June 22nd. Finally, The Goldman Sachs Group set a $89.00 price objective on shares of Apogee Therapeutics in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $126.77.

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.