Short Interest in Apogee Therapeutics Inc. (NASDAQ:APGE) Drops By 50.7%

Apogee Therapeutics Inc. (NASDAQ:APGE) saw a large decrease in short interest during the month of June. As of June 30th, there was short interest totaling 5,161,455 shares, a decrease of 50.7% from the June 15th total of 10,477,522 shares. Based on an average daily volume of 10,062,043 shares, the short-interest ratio is presently 0.5 days. Currently, 11.0% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft downgraded Apogee Therapeutics from a “buy” rating to a “hold” rating and increased their price objective for the company from $116.00 to $135.00 in a report on Monday, June 22nd. Mizuho reaffirmed a “neutral” rating and issued a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Truist Financial dropped their price target on shares of Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, May 27th. The Goldman Sachs Group set a $89.00 price objective on shares of Apogee Therapeutics in a report on Thursday, May 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $121.25.

Insiders Place Their Bets

In other news, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $133.63, for a total transaction of $2,672,600.00. Following the completion of the sale, the chief executive officer directly owned 995,987 shares of the company’s stock, valued at approximately $133,093,742.81. The trade was a 1.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $132.74, for a total transaction of $730,070.00. Following the transaction, the insider owned 177,873 shares of the company’s stock, valued at approximately $23,610,862.02. The trade was a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 182,900 shares of company stock worth $21,711,585 over the last 90 days. Company insiders own 24.30% of the company’s stock.

Institutional Trading of Apogee Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Handelsbanken Fonder AB boosted its stake in Apogee Therapeutics by 309.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 86,300 shares of the company’s stock worth $11,455,000 after purchasing an additional 65,200 shares during the period. FNY Investment Advisers LLC acquired a new position in Apogee Therapeutics in the second quarter valued at $663,000. GAMMA Investing LLC raised its holdings in shares of Apogee Therapeutics by 40.5% in the second quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock valued at $41,000 after buying an additional 89 shares during the last quarter. Seven Fleet Capital Management LP raised its holdings in shares of Apogee Therapeutics by 9.4% in the first quarter. Seven Fleet Capital Management LP now owns 1,969 shares of the company’s stock valued at $166,000 after buying an additional 169 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in shares of Apogee Therapeutics by 26.9% during the first quarter. Glenmede Trust Co. NA now owns 10,799 shares of the company’s stock worth $909,000 after buying an additional 2,287 shares during the period. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Stock Down 0.0%

Shares of NASDAQ APGE opened at $133.93 on Wednesday. The business has a 50-day moving average price of $100.42 and a 200 day moving average price of $84.84. The stock has a market cap of $8.29 billion, a PE ratio of -30.95 and a beta of 0.32. Apogee Therapeutics has a 52-week low of $34.34 and a 52-week high of $134.14.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.06) EPS for the quarter, topping the consensus estimate of ($1.07) by $0.01. Sell-side analysts anticipate that Apogee Therapeutics will post -4.45 earnings per share for the current year.

About Apogee Therapeutics

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 ROR?t, a master regulator of T cell-driven inflammatory pathways. By modulating ROR?t 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 ROR?t inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.