Apogee Therapeutics (NASDAQ:APGE) Stock Price Down 8% - Here's Why

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report) traded down 8% on Monday . The company traded as low as $36.76 and last traded at $36.54. 153,749 shares were traded during trading, a decline of 69% from the average session volume of 489,212 shares. The stock had previously closed at $39.72.

Analysts Set New Price Targets

APGE has been the topic of several recent analyst reports. Guggenheim reaffirmed a "buy" rating on shares of Apogee Therapeutics in a report on Monday, February 10th. Wedbush restated an "outperform" rating and issued a $90.00 target price on shares of Apogee Therapeutics in a research note on Tuesday, March 11th. Finally, Citigroup initiated coverage on Apogee Therapeutics in a research note on Thursday, March 13th. They issued a "buy" rating and a $95.00 price target for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $92.17.

Apogee Therapeutics Stock Performance

The company's fifty day moving average price is $37.37 and its 200 day moving average price is $45.62. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -13.36 and a beta of 1.72.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported ($1.19) EPS for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.25). As a group, sell-side analysts expect that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current year.

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Insiders Place Their Bets

In related news, insider Carl Dambkowski sold 1,590 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $30.48, for a total value of $48,463.20. Following the completion of the transaction, the insider now directly owns 251,033 shares of the company's stock, valued at $7,651,485.84. This represents a 0.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $48.85, for a total value of $732,750.00. Following the sale, the chief executive officer now directly owns 1,309,487 shares in the company, valued at $63,968,439.95. The trade was a 1.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,110 shares of company stock valued at $1,834,642 over the last three months. Company insiders own 36.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. lifted its holdings in Apogee Therapeutics by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,547 shares of the company's stock worth $432,000 after purchasing an additional 892 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Apogee Therapeutics by 4.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,835 shares of the company's stock worth $1,078,000 after acquiring an additional 931 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of Apogee Therapeutics in the fourth quarter valued at approximately $43,000. Arizona State Retirement System boosted its holdings in shares of Apogee Therapeutics by 17.3% in the fourth quarter. Arizona State Retirement System now owns 6,517 shares of the company's stock valued at $295,000 after acquiring an additional 960 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in shares of 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 valued at $552,000 after acquiring an additional 1,000 shares during the period. Institutional investors 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.