Apogee Therapeutics (NASDAQ:APGE) Stock Price Down 9.1% – Should You Sell?

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares were down 9.1% during mid-day trading on Friday . The company traded as low as $44.45 and last traded at $44.71. Approximately 51,379 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 287,248 shares. The stock had previously closed at $49.21.

Analysts Set New Price Targets

Several research firms have recently issued reports on APGE. Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 target price for the company. Wedbush upped their target price on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Guggenheim reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Finally, Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Apogee Therapeutics currently has an average rating of “Buy” and an average price target of $89.71.

Apogee Therapeutics Price Performance

The stock’s 50-day moving average price is $48.70 and its 200 day moving average price is $48.90. The firm has a market capitalization of $1.89 billion, a PE ratio of -17.34 and a beta of 2.26.

Insiders Place Their Bets

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 15,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.58, for a total transaction of $698,700.00. Following the completion of the sale, the chief executive officer now owns 1,324,487 shares in the company, valued at $61,694,604.46. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $59.12, for a total value of $394,034.80. Following the completion of the transaction, the insider now owns 267,463 shares in the company, valued at $15,812,412.56. This represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,955 shares of company stock worth $2,701,212 in the last ninety days. 36.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd purchased a new stake in shares of Apogee Therapeutics during the second quarter valued at about $660,000. Point72 Asset Management L.P. raised its stake in shares of Apogee Therapeutics by 162.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock worth $41,545,000 after acquiring an additional 438,036 shares in the last quarter. XTX Topco Ltd purchased a new stake in Apogee Therapeutics during the second quarter valued at approximately $706,000. Victory Capital Management Inc. boosted its stake in Apogee Therapeutics by 56.8% in the second 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 in the last quarter. Finally, Waypoint Capital Advisors LLC acquired a new stake in Apogee Therapeutics in the third quarter valued at approximately $36,835,000. Institutional investors own 79.04% of the company’s stock.

About Apogee Therapeutics

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.