Apogee Therapeutics (NASDAQ:APGE) Shares Down 7.1% - Here's Why

Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report) dropped 7.1% during trading on Tuesday . The company traded as low as $36.96 and last traded at $36.58. Approximately 154,228 shares traded hands during trading, a decline of 69% from the average daily volume of 493,551 shares. The stock had previously closed at $39.35.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on APGE. Guggenheim restated a "buy" rating on shares of Apogee Therapeutics in a research report on Monday, February 10th. Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a research report on Monday, November 25th. They issued a "buy" rating and a $89.00 price objective on the stock. Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They set a "buy" rating and a $89.00 target price on the stock. Finally, Wedbush raised their target price on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the company an "outperform" rating in a research note on Monday, December 2nd. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $89.71.

Apogee Therapeutics Stock Performance

The company's 50 day moving average price is $43.06 and its 200 day moving average price is $48.08. The company has a market cap of $1.65 billion, a price-to-earnings ratio of -15.10 and a beta of 2.18.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.86) EPS for the quarter, missing analysts' consensus estimates of ($0.73) by ($0.13). As a group, analysts predict that Apogee Therapeutics, Inc. will post -3.09 EPS for the current year.

Insiders Place Their Bets

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $40.58, for a total transaction of $608,700.00. Following the completion of the transaction, the chief executive officer now directly owns 1,302,987 shares of the company's stock, valued at $52,875,212.46. The trade was a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Carl Dambkowski sold 4,540 shares of Apogee Therapeutics stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $48.76, for a total transaction of $221,370.40. Following the transaction, the insider now directly owns 258,073 shares of the company's stock, valued at approximately $12,583,639.48. This trade represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,810 shares of company stock valued at $2,903,556 in the last quarter. 36.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in Apogee Therapeutics by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company's stock worth $94,000 after acquiring an additional 285 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Apogee Therapeutics by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,547 shares of the company's stock worth $432,000 after acquiring an additional 892 shares in the last quarter. Arizona State Retirement System raised its stake in Apogee Therapeutics by 17.3% during the fourth quarter. Arizona State Retirement System now owns 6,517 shares of the company's stock worth $295,000 after acquiring an additional 960 shares in the last quarter. New York State Common Retirement Fund raised its stake in Apogee Therapeutics by 8.9% during the fourth quarter. New York State Common Retirement Fund now owns 12,187 shares of the company's stock worth $552,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Apogee Therapeutics during the third quarter worth about $71,000. Institutional investors and hedge funds own 79.04% of the company's stock.

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.