HBK Investments L P Buys New Shares in Apogee Therapeutics Inc. $APGE

HBK Investments L P bought a new position in shares of Apogee Therapeutics Inc. (NASDAQ:APGE) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,850,000 shares of the company’s stock, valued at approximately $378,280,000. Apogee Therapeutics makes up approximately 3.7% of HBK Investments L P’s portfolio, making the stock its 9th largest position. HBK Investments L P owned about 4.58% of Apogee Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Apogee Therapeutics during the second quarter worth $730,948,000. Glazer Capital LLC acquired a new stake in Apogee Therapeutics during the 2nd quarter valued at $217,816,000. Pentwater Capital Management LP acquired a new position in shares of Apogee Therapeutics in the second quarter valued at $189,140,000. Jupiter Topco LLC acquired a new position in shares of Apogee Therapeutics in the second quarter valued at $158,402,000. Finally, Bank of America Corp DE bought a new position in shares of Apogee Therapeutics in the second quarter valued at about $149,472,000. 79.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on APGE. Mizuho reaffirmed a “neutral” rating and set a $135.00 target price (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Truist Financial increased their price target on shares of Apogee Therapeutics from $81.00 to $135.00 and gave the company a “hold” rating in a report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and raised their price objective for the stock from $116.00 to $135.00 in a research report on Monday, June 22nd. TD Cowen cut Apogee Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Finally, Guggenheim cut Apogee Therapeutics from a “buy” rating to a “neutral” rating in a report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $126.77.

Apogee Therapeutics Price Performance

Shares of APGE remained flat at $135.07 during midday trading on Wednesday. The company has a 50-day simple moving average of $134.52 and a 200-day simple moving average of $104.41. The company has a market cap of $8.40 billion, a P/E ratio of -31.12 and a beta of 0.33. Apogee Therapeutics Inc. has a 1-year low of $35.39 and a 1-year high of $135.09.

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). On average, equities analysts expect that Apogee Therapeutics Inc. will post -4.47 EPS for the current year.

Insider Buying and Selling

In other news, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total value of $3,500,640.00. Following the completion of the sale, the insider directly owned 179,248 shares in the company, valued at approximately $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Henderson sold 80,000 shares of the business’s stock in a transaction that occurred on 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 owned 1,015,987 shares of the company’s stock, valued at approximately $134,658,916.98. This trade represents a 7.30% 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 have sold 137,400 shares of company stock worth $18,244,445. Company insiders own 24.30% of the company’s stock.

Apogee Therapeutics Profile

Apogee Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing next-generation biologic medicines for inflammatory and immunologic diseases. The company’s approach centers on designing therapies with extended half-lives and other potentially differentiated properties intended to improve treatment durability and patient convenience.

Apogee’s pipeline includes APG777, an extended-half-life monoclonal antibody that targets interleukin-13 (IL-13), a cytokine involved in allergic inflammation.