WALTHAM, MA—Carl Dambkowski, Chief Medical (TASE:PMCN) Officer of Apogee (NASDAQ:APOG) Therapeutics, Inc. (NASDAQ:APGE), a $2.52 billion market cap biotech company, recently reported significant transactions involving the company's stock. According to a Form 4 filing with the Securities and Exchange Commission, Dambkowski sold a total of 4,540 shares of Apogee Therapeutics' common stock on December 11, 2024. The shares were sold at prices ranging from $48.62 to $50.00, amounting to a total transaction value of approximately $221,362. The sale comes as the stock has experienced a nearly 11% decline over the past week, despite posting a remarkable 91% gain over the past year.
Additionally, Dambkowski exercised stock options to acquire 1,815 shares at a price of $22.86 per share, with the total value of these acquisitions reaching $41,490. Following these transactions, Dambkowski holds 258,073 shares of the company.
The sales were carried out under a pre-established Rule 10b5-1 trading plan, which was adopted on August 21, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks to avoid any potential allegations of insider trading.
In other recent news, Apogee Therapeutics is making notable strides in its drug development. The company's ongoing Phase 1 clinical trial of APG777, a treatment for moderate-to-severe atopic dermatitis, has shown promising results, according to various reports. Guggenheim and Stifel have maintained their Buy ratings on Apogee, with Guggenheim raising the price target to $110 from the previous $95, based on the company's promising research and development strategy.
The company has also initiated a Phase 1 trial for APG990, with interim data expected in 2025. Apogee's financial position remains strong, with $790 million in assets projected to support the continuing development of its pipeline into 2028. In terms of corporate growth, Jeff S. Hartness has been appointed as the new Chief Commercial Officer, and Dr. Lisa Bollinger has joined the board of directors.
These recent developments underscore the potential of Apogee's strategy, which focuses on monoclonal antibodies that target clinically validated epitopes. Analysts suggest that this methodical approach could offer Apogee a competitive edge in the atopic dermatitis market, which is projected to grow to approximately $30 billion by 2035. These are the recent developments at Apogee Therapeutics.
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