Wedbush Forecasts Lower Earnings for Apogee Therapeutics

Apogee Therapeutics, Inc. (NASDAQ:APGE) – Analysts at Wedbush lowered their FY2024 earnings estimates for Apogee Therapeutics in a report released on Tuesday, November 12th. Wedbush analyst D. Nierengarten now expects that the company will earn ($3.10) per share for the year, down from their prior forecast of ($2.67). Wedbush currently has a “Outperform” rating and a $87.00 target price on the stock. The consensus estimate for Apogee Therapeutics’ current full-year earnings is ($2.57) per share. Wedbush also issued estimates for Apogee Therapeutics’ Q4 2024 earnings at ($0.97) EPS, Q1 2025 earnings at ($0.99) EPS, Q2 2025 earnings at ($1.01) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.94) EPS, FY2025 earnings at ($3.90) EPS, FY2026 earnings at ($3.97) EPS, FY2027 earnings at ($4.35) EPS and FY2028 earnings at ($5.69) EPS.

Apogee Therapeutics (NASDAQ:APGE) last issued its earnings results on Monday, August 12th. The company reported ($0.60) EPS for the quarter, meeting analysts’ consensus estimates of ($0.60).

Apogee Therapeutics Trading Down 3.4 %

Apogee Therapeutics stock opened at $51.01 on Friday. Apogee Therapeutics has a 1-year low of $16.39 and a 1-year high of $72.29. The firm’s fifty day simple moving average is $54.78 and its 200-day simple moving average is $49.02. The company has a market capitalization of $2.30 billion, a P/E ratio of -21.08 and a beta of 2.93.

Hedge Funds Weigh In On Apogee Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Driehaus Capital Management LLC lifted its position in Apogee Therapeutics by 2.6% in the second quarter. Driehaus Capital Management LLC now owns 2,117,870 shares of the company’s stock worth $83,338,000 after purchasing an additional 54,107 shares during the period. Perceptive Advisors LLC increased its holdings in Apogee Therapeutics by 2.2% during the 2nd quarter. Perceptive Advisors LLC now owns 2,105,636 shares of the company’s stock valued at $82,857,000 after purchasing an additional 45,241 shares in the last quarter. Vanguard Group Inc. boosted its stake in Apogee Therapeutics by 60.7% in the first quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company’s stock worth $124,173,000 after purchasing an additional 705,795 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Apogee Therapeutics by 51.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,170,327 shares of the company’s stock valued at $77,770,000 after buying an additional 399,646 shares in the last quarter. Finally, Affinity Asset Advisors LLC raised its holdings in shares of Apogee Therapeutics by 41.2% in the second quarter. Affinity Asset Advisors LLC now owns 836,283 shares of the company’s stock valued at $32,908,000 after buying an additional 244,190 shares during the last quarter. Institutional investors own 79.04% of the company’s stock.

Insider Activity

In other news, insider Carl Dambkowski sold 6,665 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $59.12, for a total value of $394,034.80. Following the sale, the insider now directly owns 267,463 shares of the company’s stock, valued at approximately $15,812,412.56. This trade represents a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Thomas Henderson sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $59.22, for a total value of $888,300.00. Following the transaction, the chief executive officer now directly owns 1,339,487 shares of the company’s stock, valued at $79,324,420.14. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 120,995 shares of company stock valued at $6,417,855 over the last 90 days. 36.10% of the stock is currently owned by company insiders.

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.