Short Interest in Apogee Therapeutics, Inc. (NASDAQ:APGE) Drops By 9.6%

Apogee Therapeutics, Inc. (NASDAQ:APGE) was the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 7,780,000 shares, a decline of 9.6% from the July 15th total of 8,610,000 shares. Approximately 21.1% of the shares of the company are short sold. Based on an average daily trading volume, of 470,900 shares, the days-to-cover ratio is currently 16.5 days.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Bank of America began coverage on shares of Apogee Therapeutics in a research note on Friday, May 10th. They issued a “buy” rating and a $80.00 price target on the stock. Wedbush reiterated an “outperform” rating and issued a $87.00 price objective on shares of Apogee Therapeutics in a report on Monday, May 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $73.00.

Apogee Therapeutics Price Performance

APGE traded down $0.05 on Friday, reaching $45.25. 250,904 shares of the company’s stock were exchanged, compared to its average volume of 532,831. The stock has a market cap of $2.65 billion and a PE ratio of -8.62. Apogee Therapeutics has a twelve month low of $14.19 and a twelve month high of $72.29. The stock’s fifty day moving average price is $43.16 and its 200-day moving average price is $47.61.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.60) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.60). As a group, research analysts predict that Apogee Therapeutics will post -2.64 earnings per share for the current fiscal year.

Insider Activity

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $37.26, for a total value of $558,900.00. Following the completion of the transaction, the chief executive officer now directly owns 1,474,487 shares of the company’s stock, valued at $54,939,385.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Carl Dambkowski sold 7,335 shares of Apogee Therapeutics stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $40.67, for a total value of $298,314.45. Following the completion of the transaction, the insider now owns 287,458 shares in the company, valued at approximately $11,690,916.86. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Thomas Henderson sold 15,000 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $37.26, for a total value of $558,900.00. Following the transaction, the chief executive officer now owns 1,474,487 shares in the company, valued at approximately $54,939,385.62. The disclosure for this sale can be found here. Insiders sold a total of 68,330 shares of company stock valued at $2,707,426 in the last quarter. 36.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. EntryPoint Capital LLC raised its stake in Apogee Therapeutics by 44.7% during the first quarter. EntryPoint Capital LLC now owns 1,997 shares of the company’s stock worth $133,000 after purchasing an additional 617 shares during the period. Kennedy Capital Management LLC acquired a new position in shares of Apogee Therapeutics in the 1st quarter valued at $212,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Apogee Therapeutics during the 2nd quarter worth $143,000. Ameritas Investment Partners Inc. increased its position in shares of Apogee Therapeutics by 111.2% during the 1st quarter. Ameritas Investment Partners Inc. now owns 4,126 shares of the company’s stock worth $274,000 after purchasing an additional 2,172 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in Apogee Therapeutics in the 1st quarter valued at about $339,000. Hedge funds and other 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.