Platinum Investment Management Ltd. Cuts Position in Apogee Therapeutics, Inc. (NASDAQ:APGE)

Platinum Investment Management Ltd. trimmed its position in Apogee Therapeutics, Inc. (NASDAQ:APGE - Free Report) by 11.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,646 shares of the company's stock after selling 12,048 shares during the period. Platinum Investment Management Ltd. owned approximately 0.21% of Apogee Therapeutics worth $4,333,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in APGE. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Apogee Therapeutics during the third quarter valued at approximately $71,000. Wexford Capital LP acquired a new stake in Apogee Therapeutics in the 3rd quarter valued at $230,000. Aigen Investment Management LP bought a new stake in Apogee Therapeutics during the 4th quarter valued at $216,000. Commonwealth Equity Services LLC acquired a new position in Apogee Therapeutics during the fourth quarter worth $222,000. Finally, Intech Investment Management LLC bought a new position in shares of Apogee Therapeutics in the third quarter valued at $300,000. 79.04% of the stock is owned by institutional investors and hedge funds.

Apogee Therapeutics Stock Performance

APGE traded down $0.53 during midday trading on Friday, reaching $39.84. The company had a trading volume of 646,507 shares, compared to its average volume of 476,366. The business has a 50-day moving average price of $37.46 and a two-hundred day moving average price of $46.26. Apogee Therapeutics, Inc. has a 12-month low of $29.10 and a 12-month high of $70.56. The stock has a market cap of $1.79 billion, a PE ratio of -16.46 and a beta of 2.46.

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Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported ($1.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.94) by ($0.25). On average, research analysts anticipate that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current year.

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 3,520 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $40.69, for a total value of $143,228.80. Following the completion of the transaction, the insider now owns 252,623 shares in the company, valued at $10,279,229.87. This trade represents a 1.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Thomas Henderson sold 10,000 shares of Apogee Therapeutics stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $30.15, for a total value of $301,500.00. Following the transaction, the chief executive officer now directly owns 1,292,987 shares of the company's stock, valued at $38,983,558.05. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,195 shares of company stock worth $2,026,392 over the last quarter. 36.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

APGE has been the topic of a number of analyst reports. Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a "buy" rating and a $89.00 target price on the stock. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a "buy" rating and a $89.00 price objective for the company. Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Apogee Therapeutics in a research report on Tuesday, March 11th. Citigroup initiated coverage on Apogee Therapeutics in a research report on Thursday, March 13th. They issued a "buy" rating and a $95.00 price target for the company. Finally, Guggenheim reissued a "buy" rating on shares of Apogee Therapeutics in a research report on Monday, February 10th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $92.17.

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.