Apogee Therapeutics (NASDAQ:APGE) Shares Down 9.1% - What's Next?

Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report)'s share price dropped 9.1% during trading on Friday . The company traded as low as $44.45 and last traded at $44.71. Approximately 51,379 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 287,248 shares. The stock had previously closed at $49.21.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on APGE. Guggenheim reiterated a "buy" rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a research report on Monday, November 25th. They set a "buy" rating and a $89.00 price target on the stock. Wedbush boosted their price target on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the company an "outperform" rating in a report on Monday, December 2nd. Finally, Canaccord Genuity Group started 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. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $89.71.

Apogee Therapeutics Stock Performance

The company's fifty day simple moving average is $48.70 and its two-hundred day simple moving average is $48.90. The stock has a market capitalization of $1.85 billion, a P/E ratio of -16.96 and a beta of 2.26.

Insider Activity at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 15,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $59.22, for a total transaction of $888,300.00. Following the completion of the sale, the chief executive officer now owns 1,339,487 shares of the company's stock, valued at $79,324,420.14. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Carl Dambkowski sold 6,665 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $59.12, for a total transaction of $394,034.80. Following the completion of the transaction, the insider now directly owns 267,463 shares in the company, valued at approximately $15,812,412.56. This represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,955 shares of company stock worth $2,701,212 in the last ninety days. 36.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in shares of Apogee Therapeutics by 4.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,555 shares of the company's stock worth $1,736,000 after buying an additional 1,212 shares in the last quarter. Geode Capital Management LLC grew its stake in Apogee Therapeutics by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 823,839 shares of the company's stock worth $48,401,000 after buying an additional 82,978 shares in the last quarter. Barclays PLC lifted its holdings in shares of Apogee Therapeutics by 369.2% in the 3rd quarter. Barclays PLC now owns 365,046 shares of the company's stock worth $21,443,000 after acquiring an additional 287,243 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Apogee Therapeutics by 35.7% in the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company's stock worth $282,798,000 after buying an additional 1,267,451 shares during the period. Finally, Wexford Capital LP purchased a new position in shares of Apogee Therapeutics during the third quarter valued at approximately $230,000. 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.