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

Platinum Investment Management Ltd. cut its stake in Apogee Therapeutics, Inc. (NASDAQ:APGE) by 11.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 95,646 shares of the company’s stock after selling 12,048 shares during the period. Platinum Investment Management Ltd. owned about 0.21% of Apogee Therapeutics worth $4,333,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Apogee Therapeutics in the third quarter valued at $71,000. Aigen Investment Management LP purchased a new position in Apogee Therapeutics in the fourth quarter valued at $216,000. Commonwealth Equity Services LLC purchased a new position in Apogee Therapeutics in the fourth quarter valued at $222,000. Wexford Capital LP purchased a new position in Apogee Therapeutics in the third quarter valued at $230,000. Finally, Arizona State Retirement System boosted its holdings in 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 purchasing an additional 960 shares during the period. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 4,085 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $46.94, for a total value of $191,749.90. Following the transaction, the insider now owns 255,348 shares in the company, valued at $11,986,035.12. The trade was a 1.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Thomas Henderson sold 15,000 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $48.85, for a total value of $732,750.00. Following the completion of the transaction, the chief executive officer now owns 1,309,487 shares in the company, valued at $63,968,439.95. This trade represents a 1.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,195 shares of company stock worth $2,026,392 in the last quarter. Company insiders own 36.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on APGE shares. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price target on the stock. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Apogee Therapeutics in a research note on Tuesday, March 11th. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price target on the stock. Citigroup started coverage on Apogee Therapeutics in a research note on Thursday, March 13th. They issued a “buy” rating and a $95.00 price target on the stock. Finally, Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a research note on Monday, February 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $92.17.

Apogee Therapeutics Stock Performance

APGE opened at $38.83 on Wednesday. The business’s 50-day simple moving average is $37.84 and its 200-day simple moving average is $46.43. Apogee Therapeutics, Inc. has a one year low of $29.10 and a one year high of $71.75. The stock has a market capitalization of $1.75 billion, a P/E ratio of -16.05 and a beta of 2.46.

Apogee Therapeutics (NASDAQ:APGE) last posted 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). On average, equities research analysts forecast that Apogee Therapeutics, Inc. will post -3.09 EPS for the current fiscal year.

Apogee Therapeutics 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.