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Wedbush Cuts Earnings Estimates for Apogee Therapeutics

Apogee Therapeutics logo with Medical background

Apogee Therapeutics, Inc. (NASDAQ:APGE - Free Report) - Investment analysts at Wedbush reduced their FY2024 earnings estimates for shares of Apogee Therapeutics in a note issued to investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten now forecasts that the company will earn ($3.10) per share for the year, down from their prior forecast of ($2.67). Wedbush currently has a "Outperform" rating and a $87.00 price target on the stock. The consensus estimate for Apogee Therapeutics' current full-year earnings is ($2.57) per share. Wedbush also issued estimates for Apogee Therapeutics' Q4 2024 earnings at ($0.97) EPS, Q1 2025 earnings at ($0.99) EPS, Q2 2025 earnings at ($1.01) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.94) EPS, FY2025 earnings at ($3.90) EPS, FY2026 earnings at ($3.97) EPS, FY2027 earnings at ($4.35) EPS and FY2028 earnings at ($5.69) EPS.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.60) earnings per share for the quarter, hitting the consensus estimate of ($0.60).

Apogee Therapeutics Price Performance

Shares of NASDAQ APGE traded down $3.76 during mid-day trading on Friday, reaching $47.25. 526,903 shares of the company's stock were exchanged, compared to its average volume of 494,532. Apogee Therapeutics has a 52 week low of $16.39 and a 52 week high of $72.29. The firm has a 50-day moving average price of $54.78 and a two-hundred day moving average price of $49.00. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of -19.52 and a beta of 2.93.

Insider Activity

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 15,000 shares of the stock in a transaction on 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jane Henderson sold 6,000 shares of Apogee Therapeutics stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $48.26, for a total transaction of $289,560.00. Following the completion of the sale, the chief financial officer now owns 200,871 shares in the company, valued at approximately $9,694,034.46. This trade represents a 2.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 120,995 shares of company stock valued at $6,417,855 in the last 90 days. Insiders own 36.10% of the company's stock.

Institutional Investors Weigh In On Apogee Therapeutics

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Apogee Therapeutics by 60.7% during the first quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company's stock valued at $124,173,000 after purchasing an additional 705,795 shares during the period. ProShare Advisors LLC purchased a new position in Apogee Therapeutics in the first quarter worth about $667,000. Point72 DIFC Ltd purchased a new position in Apogee Therapeutics during the second quarter worth $660,000. XTX Topco Ltd bought a new position in Apogee Therapeutics during the 2nd quarter valued at about $706,000. Finally, Victory Capital Management Inc. grew its position in Apogee Therapeutics by 56.8% in the 2nd quarter. Victory Capital Management Inc. now owns 156,266 shares of the company's stock valued at $6,149,000 after acquiring an additional 56,607 shares during the last quarter. Institutional investors own 79.04% of the company's stock.

Apogee Therapeutics Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Apogee Therapeutics (NASDAQ:APGE)

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