Michael Thomas Henderson, the Chief Executive Officer of Apogee (NASDAQ:APOG) Therapeutics, Inc. (NASDAQ:APGE), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transactions, executed on January 8, 2025, were part of a pre-arranged trading plan under Rule 10b5-1. The sale comes as the $2.8 billion market cap company maintains a GREAT financial health score, according to InvestingPro data.
Henderson sold a total of 15,000 shares of common stock in two separate transactions. The shares were sold at a weighted average price, with the first batch of 12,132 shares sold at prices ranging from $48.20 to $49.15, and the second batch of 2,868 shares sold at prices ranging from $49.35 to $49.45. This resulted in a total transaction value of $732,692. The stock has since declined 14% in the past week to $41.05, though analysts maintain price targets ranging from $80 to $110.
Following these sales, Henderson retains direct ownership of 1,309,487 shares in the company. These transactions were carried out under a trading plan adopted on September 25, 2023. Based on InvestingPro's Fair Value analysis, the stock appears overvalued at current levels, with 8 additional ProTips available for subscribers.
In other recent news, Apogee Therapeutics maintains a strong financial position, backed by $790 million in assets, with analysts from Guggenheim, Stifel, and BTIG maintaining their Buy ratings. Guggenheim has ratcheted up its price target to $110, lauding Apogee's strategic focus on validated targets and optimized trial design. Recent clinical trial failures by competitors in the atopic dermatitis space have been seen as a positive, potentially reducing competition for Apogee.
The company's ongoing Phase 1 clinical trial of APG777, a treatment for moderate-to-severe atopic dermatitis, has shown promising results. In addition, Apogee has initiated a Phase 1 trial for APG990, with interim data expected in 2025. These developments are part of Apogee's broader research and development strategy, which has been commended by Guggenheim.
In terms of corporate growth, Apogee has appointed Jeff S. Hartness as the new Chief Commercial Officer, and Dr. Lisa Bollinger has joined the board of directors. These recent developments underscore Apogee's continued progress in drug development and corporate growth. These are the recent developments at Apogee Therapeutics.
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