Franklin Resources Inc. Reduces Stock Holdings in Apogee Therapeutics, Inc. (NASDAQ:APGE)

Franklin Resources Inc. lowered its stake in shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) by 14.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 860,989 shares of the company’s stock after selling 144,481 shares during the quarter. Franklin Resources Inc.’s holdings in Apogee Therapeutics were worth $48,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Wellington Management Group LLP raised its stake in Apogee Therapeutics by 35.7% during the 3rd quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock worth $282,798,000 after acquiring an additional 1,267,451 shares in the last quarter. Waypoint Capital Advisors LLC acquired a new stake in shares of Apogee Therapeutics during the third quarter worth about $36,835,000. Janus Henderson Group PLC increased its position in shares of Apogee Therapeutics by 4,018.9% during the third quarter. Janus Henderson Group PLC now owns 469,557 shares of the company’s stock worth $27,586,000 after purchasing an additional 458,157 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Apogee Therapeutics by 162.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock valued at $41,545,000 after purchasing an additional 438,036 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Apogee Therapeutics by 369.2% in the 3rd quarter. Barclays PLC now owns 365,046 shares of the company’s stock valued at $21,443,000 after purchasing an additional 287,243 shares during the period. Institutional investors and hedge funds own 79.04% of the company’s stock.

Apogee Therapeutics Stock Performance

Shares of APGE opened at $48.09 on Wednesday. Apogee Therapeutics, Inc. has a 1 year low of $22.20 and a 1 year high of $72.29. The stock has a market capitalization of $2.17 billion, a P/E ratio of -19.87 and a beta of 2.30. The company’s fifty day moving average is $51.11 and its two-hundred day moving average is $48.32.

Insider Transactions at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 40,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $56.23, for a total value of $2,249,200.00. Following the sale, the chief executive officer now directly owns 1,354,487 shares in the company, valued at $76,162,804.01. The trade was a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark C. Mckenna acquired 20,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were acquired at an average cost of $49.54 per share, for a total transaction of $990,800.00. Following the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at $990,800. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 94,535 shares of company stock worth $5,133,635 over the last ninety days. 36.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

APGE has been the topic of several research analyst reports. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research report on Monday, November 25th. They set a “buy” rating and a $89.00 price target on the stock. Wedbush upped their price target on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a research report on Thursday, December 12th. Finally, Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $83.88.

Apogee Therapeutics Profile

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.