Key Points
- Insider sale: Apogee Therapeutics insider Carl Dambkowski sold 26,400 shares on June 22 at an average price of $132.60, worth about $3.5 million. After the sale, he still owned 179,248 shares, and the trade was made under a pre-arranged Rule 10b5-1 plan.
- Stock is near its highs: APGE opened around $132.69, close to its 52-week high of $133.16, giving the company a market value of about $8.21 billion. The stock has surged well above its 50-day and 200-day moving averages.
- Deal and analyst activity: The company has a proposed sale to AbbVie for $135.11 per share, which has prompted multiple brokerages to lower ratings to hold/neutral while raising price targets near the deal price. A law firm is also investigating the adequacy of the sale process and price, adding some uncertainty.
Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) insider Carl Dambkowski sold 26,400 shares of the business's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the completion of the sale, the insider directly owned 179,248 shares of the company's stock, valued at $23,768,284.80. This represents a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Carl Dambkowski also recently made the following trade(s):
- On Wednesday, June 3rd, Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock. The shares were sold at an average price of $78.71, for a total value of $432,905.00.
- On Wednesday, May 6th, Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock. The stock was sold at an average price of $84.14, for a total value of $462,770.00.
- On Wednesday, April 1st, Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock. The shares were sold at an average price of $84.84, for a total value of $466,620.00.
Apogee Therapeutics Price Performance
Shares of APGE stock opened at $132.69 on Thursday. The stock has a market capitalization of $8.21 billion, a PE ratio of -30.64 and a beta of 0.62. Apogee Therapeutics Inc. has a 1-year low of $34.34 and a 1-year high of $133.16. The business has a 50-day moving average of $87.67 and a 200 day moving average of $79.27.
Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.01. Analysts anticipate that Apogee Therapeutics Inc. will post -4.45 EPS for the current year.
Hedge Funds Weigh In On Apogee Therapeutics
Several hedge funds have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. raised its holdings in shares of Apogee Therapeutics by 189,522.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company's stock valued at $206,246,000 after acquiring an additional 2,731,015 shares in the last quarter. Janus Henderson Group PLC increased its position in Apogee Therapeutics by 324.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company's stock valued at $155,697,000 after purchasing an additional 1,576,626 shares during the period. Perceptive Advisors LLC increased its position in Apogee Therapeutics by 72.4% during the 4th quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company's stock valued at $175,918,000 after purchasing an additional 978,662 shares during the period. Wellington Management Group LLP raised its holdings in Apogee Therapeutics by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company's stock worth $187,673,000 after purchasing an additional 917,991 shares in the last quarter. Finally, UBS Group AG raised its holdings in Apogee Therapeutics by 646.1% in the 3rd quarter. UBS Group AG now owns 799,465 shares of the company's stock worth $31,763,000 after purchasing an additional 692,308 shares in the last quarter. 79.04% of the stock is owned by hedge funds and other institutional investors.
More Apogee Therapeutics News
Here are the key news stories impacting Apogee Therapeutics this week:
- Positive Sentiment: Apogee Therapeutics announced a proposed sale to AbbVie for $135.11 per share in cash, reinforcing the takeover premium and likely supporting the stock price. Article Title
- Neutral Sentiment: Stifel reiterated a hold rating and lifted its price target to $135, suggesting the shares are already close to fair value at the deal price. Article Title
- Neutral Sentiment: Citi downgraded the stock to neutral/hold while also raising its target to $135, reflecting a more cautious stance but still near the acquisition value. Article Title
- Neutral Sentiment: Unusual options activity showed heavy put buying, which may indicate some hedging or concern about deal execution risk. Article Title
- Negative Sentiment: A law firm launched an investigation into the adequacy of the proposed sale price and process, which could add legal overhang and uncertainty around the transaction. Article Title
Analyst Upgrades and Downgrades
Several brokerages recently commented on APGE. Guggenheim downgraded shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research note on Tuesday. Citigroup cut shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and increased their price target for the company from $125.00 to $135.00 in a research report on Tuesday. UBS Group lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and raised their price target for the stock from $100.00 to $135.11 in a report on Tuesday. Craig Hallum set a $135.11 price objective on shares of Apogee Therapeutics and gave the company a "hold" rating in a research report on Monday. Finally, Canaccord Genuity Group downgraded shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and upped their price objective for the company from $130.00 to $135.11 in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Apogee Therapeutics presently has a consensus rating of "Hold" and an average target price of $121.25.
View Our Latest Analysis on APGE
About Apogee Therapeutics
(
Get Free Report)
Apogee Therapeutics, Inc is a clinical-stage biotechnology company dedicated to the discovery and development of novel small molecule therapeutics that selectively target the nuclear receptor RORγt, a master regulator of T cell-driven inflammatory pathways. By modulating RORγt activity, Apogee aims to offer an oral treatment option for patients with autoimmune and inflammatory skin disorders.
The company's lead candidate, APG-157, is an oral RORγt inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.
Further Reading
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