Apogee Therapeutics (NASDAQ:APGE) Shares Down 8% – Should You Sell?

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s share price dropped 8% during trading on Monday . The stock traded as low as $36.76 and last traded at $36.54. Approximately 153,749 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 489,212 shares. The stock had previously closed at $39.72.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on APGE shares. Citigroup started coverage on Apogee Therapeutics in a research note on Thursday, March 13th. They set a “buy” rating and a $95.00 target price on the stock. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a report on Monday, February 10th. Finally, Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Apogee Therapeutics in a research note on Tuesday, March 11th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $92.17.

Apogee Therapeutics Stock Performance

The stock has a market cap of $1.69 billion, a P/E ratio of -15.52 and a beta of 2.46. The stock has a fifty day simple moving average of $37.50 and a 200-day simple moving average of $45.75.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings data on Monday, March 3rd. The company reported ($1.19) 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.

Insider Activity at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 1,590 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $30.48, for a total value of $48,463.20. Following the sale, the insider now owns 251,033 shares of the company’s stock, valued at approximately $7,651,485.84. This trade represents a 0.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael Thomas Henderson sold 15,000 shares of the firm’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 sale, the chief executive officer now directly owns 1,309,487 shares in the company, valued at $63,968,439.95. This trade represents a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,195 shares of company stock worth $2,026,392. Corporate insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. acquired a new stake in Apogee Therapeutics in the fourth quarter valued at approximately $43,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Apogee Therapeutics in the third quarter valued at approximately $71,000. Optimize Financial Inc purchased a new position in shares of Apogee Therapeutics during the fourth quarter valued at approximately $203,000. Aigen Investment Management LP purchased a new position in Apogee Therapeutics during the 4th quarter worth $216,000. Finally, BNP Paribas Financial Markets bought a new stake in Apogee Therapeutics in the 4th quarter worth about $219,000. 79.04% of the stock is owned by institutional investors and hedge funds.

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.