First Light Asset Management LLC Purchases 353,605 Shares of Apogee Therapeutics Inc. $APGE

First Light Asset Management LLC grew its holdings in Apogee Therapeutics Inc. (NASDAQ:APGE) by 61.3% in the second quarter, Holdings Channel.com reports. The firm owned 930,289 shares of the company’s stock after purchasing an additional 353,605 shares during the period. Apogee Therapeutics comprises approximately 7.5% of First Light Asset Management LLC’s investment portfolio, making the stock its 4th largest position. First Light Asset Management LLC’s holdings in Apogee Therapeutics were worth $123,477,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of APGE. TD Asset Management Inc lifted its stake in Apogee Therapeutics by 55.3% in the 4th quarter. TD Asset Management Inc now owns 129,290 shares of the company’s stock worth $9,759,000 after acquiring an additional 46,050 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Apogee Therapeutics by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 126,757 shares of the company’s stock valued at $10,669,000 after acquiring an additional 8,673 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Apogee Therapeutics by 13.5% in the 1st quarter. Bank of America Corp DE now owns 900,871 shares of the company’s stock valued at $75,826,000 after purchasing an additional 107,176 shares during the period. Alberta Investment Management Corp acquired a new position in shares of Apogee Therapeutics in the 2nd quarter valued at about $9,955,000. Finally, Geode Capital Management LLC lifted its position in shares of Apogee Therapeutics by 18.7% in the fourth quarter. Geode Capital Management LLC now owns 1,059,085 shares of the company’s stock worth $79,957,000 after purchasing an additional 166,882 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Price Performance

Shares of Apogee Therapeutics stock opened at $135.07 on Thursday. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of -31.12 and a beta of 0.33. Apogee Therapeutics Inc. has a 52-week low of $35.39 and a 52-week high of $135.09. The stock has a 50-day simple moving average of $134.37 and a 200-day simple moving average of $102.58.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.07). As a group, equities research analysts predict that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on APGE shares. Royal Bank Of Canada raised their price target on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Monday, June 8th. Guggenheim lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 23rd. UBS Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and increased their target price for the stock from $100.00 to $135.11 in a research report on Tuesday, June 23rd. TD Cowen lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Finally, Deutsche Bank Aktiengesellschaft cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and boosted their price target for the company from $116.00 to $135.00 in a report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $126.77.

Insider Buying and Selling

In other news, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $134.17, for a total transaction of $737,935.00. Following the transaction, the insider owned 168,498 shares in the company, valued at $22,607,376.66. This represents a 3.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Henderson sold 20,000 shares of the firm’s 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 transaction, the chief executive officer owned 995,987 shares in the company, valued at $133,093,742.81. This represents a 1.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 137,400 shares of company stock valued at $18,244,445 over the last quarter. Corporate insiders own 24.30% of the company’s stock.

Apogee Therapeutics Company Profile

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.