Wellington Management Group Increases Stake in Apogee Therapeutics

Wellington Management Group LLP has increased its investment in Apogee Therapeutics, Inc. (NASDAQ:APGE) by 35.7% during the third quarter of this year, as revealed by its recent 13F filing with the Securities and Exchange Commission. As a result of this transaction, the institutional investor now holds a total of 4,814,400 shares, which reflects a significant boost in their portfolio.

At the end of the last quarter, Wellington Management Group LLP's stake accounted for 10.69% of Apogee Therapeutics, valued at approximately $282,798,000.

Investors' Movements

A number of other institutional investors have also made changes to their holdings in Apogee Therapeutics recently. For example, during the third quarter, Zurcher Kantonalbank Zurich Cantonalbank made a new purchase worth around $71,000. Meanwhile, Mirae Asset Global Investments Co. Ltd. increased its holdings by 21.2%, now owning 1,628 shares valued at $94,000 after acquiring an additional 285 shares. Allspring Global Investments Holdings LLC also entered a new position in the second quarter, committing about $143,000. Additionally, Wexford Capital LP acquired shares valued at roughly $230,000 in the third quarter, while Arizona State Retirement System raised its stake by 4.5% in the second quarter to own 5,993 shares worth $236,000.

Currently, hedge funds and other institutional investors control 79.04% of Apogee Therapeutics' stock.

Analyst Recommendations

Recent reports from analysts suggest positive expectations for APGE. Canaccord Genuity Group initiated coverage with a "buy" recommendation and a target price set at $89.00. Guggenheim maintained a "buy" rating and increased their target price from $95.00 to $110.00. In a report dated December 2nd, Wedbush raised their target price from $87.00 to $90.00 and labeled the stock as "outperform." Overall, eight research analysts have rated Apogee Therapeutics with a "buy" recommendation, and data from MarketBeat.com shows an average rating of "Buy" along with an average price target of $83.88.

Stock Performance Overview

As of Friday, Apogee Therapeutics' stock opened at $49.97. Over the past year, it has reached a low of $19.91 and a high of $72.29. The company's market capitalization stands at $2.25 billion, with a PE ratio of -20.65 and a beta of 2.30. The current 50-day moving average price is $52.41, while the 200-day moving average price is noted at $48.30.

Insider Transactions at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 6,665 shares on October 2nd at an average price of $56.26, totaling approximately $374,972.90. After this transaction, Dambkowski retains 274,128 shares valued around $15,422,441.28. The sale marked a 2.37% decrease in his ownership stake. Additionally, CEO Michael Thomas Henderson sold 15,000 shares on November 6th for about $888,300, leaving him with around 1,339,487 shares, worth approximately $79,324,420.14, which is a 1.11% decrease in his ownership. Over the last three months, insiders have collectively sold 89,995 shares valued at $4,912,264, with insider ownership currently at 36.10%.

Company Profile of Apogee Therapeutics

Apogee Therapeutics, Inc. operates as a biotechnology firm, through its subsidiaries, focusing on developing biologics for conditions such as atopic dermatitis, asthma, chronic obstructive pulmonary disease (COPD), and other related inflammatory and immunology disorders. The company mainly works on therapies like APG777, a subcutaneous extended half-life monoclonal antibody for atopic dermatitis, and APG808, an extended half-life monoclonal antibody for COPD.

Conclusion

With increased investment from Wellington Management Group and ongoing interest from various other investors, Apogee Therapeutics appears to be a company that is attracting notable attention in the market.

Wellington, Apogee, Investment