Apogee Therapeutics (NASDAQ:APGE) Earns Neutral Rating from Citigroup

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “neutral” rating reiterated by equities research analysts at Citigroup in a research note issued on Tuesday,Benzinga reports. They presently have a $135.00 price objective on the stock, up from their prior price objective of $125.00. Citigroup’s price target suggests a potential upside of 1.69% from the company’s previous close.

Several other research firms have also commented on APGE. Guggenheim lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a report on Tuesday. BTIG Research reaffirmed a “buy” rating and issued a $137.00 target price on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Canaccord Genuity Group cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and increased their price target for the company from $130.00 to $135.11 in a research report on Monday. Truist Financial cut their price target on shares of Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, May 27th. Finally, Rothschild & Co Redburn began coverage on shares of Apogee Therapeutics in a research note on Friday, May 1st. They set a “buy” rating and a $140.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Apogee Therapeutics currently has an average rating of “Hold” and an average target price of $119.67.

Apogee Therapeutics Trading Up 0.2%

Shares of Apogee Therapeutics stock traded up $0.20 on Tuesday, hitting $132.75. 4,143,250 shares of the company traded hands, compared to its average volume of 1,510,695. Apogee Therapeutics has a 12-month low of $34.34 and a 12-month high of $133.00. The company has a market cap of $8.22 billion, a P/E ratio of -30.66 and a beta of 0.62. The firm’s 50-day simple moving average is $85.82 and its 200 day simple moving average is $78.46.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.01. Analysts predict that Apogee Therapeutics will post -4.45 earnings per share for the current year.

Insider Activity at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total transaction of $432,905.00. Following the transaction, the insider owned 205,648 shares in the company, valued at approximately $16,186,554.08. This represents a 2.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $83.38, for a total value of $1,667,600.00. Following the completion of the transaction, the chief executive officer owned 1,095,987 shares of the company’s stock, valued at approximately $91,383,396.06. The trade was a 1.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 76,500 shares of company stock worth $6,323,295. Insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of APGE. Wellington Management Group LLP grew its holdings in Apogee Therapeutics by 0.5% in the fourth quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company’s stock worth $358,272,000 after purchasing an additional 22,884 shares during the period. Vanguard Group Inc. grew its stake in shares of Apogee Therapeutics by 27.3% in the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock worth $215,709,000 after buying an additional 612,193 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in Apogee Therapeutics by 189,522.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock valued at $206,246,000 after buying an additional 2,731,015 shares in the last quarter. Janus Henderson Group PLC raised its stake in Apogee Therapeutics by 14.4% during the first quarter. Janus Henderson Group PLC now owns 2,360,596 shares of the company’s stock valued at $198,809,000 after buying an additional 297,992 shares during the last quarter. Finally, Perceptive Advisors LLC boosted its holdings in Apogee Therapeutics by 72.4% in the fourth quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock worth $175,918,000 after acquiring an additional 978,662 shares in the last quarter. 79.04% of the stock is owned by hedge funds and other institutional investors.

Apogee Therapeutics News Roundup

Here are the key news stories impacting Apogee Therapeutics this week:

• Positive Sentiment: AbbVie agreed to acquire Apogee Therapeutics in an all-cash deal worth about $10.9 billion, sending shares higher as investors price in the $135.11 per share payout. Reuters article
• Positive Sentiment: The acquisition gives Apogee shareholders a defined cash value and reflects AbbVie’s interest in Apogee’s immunology and inflammation pipeline, reinforcing the strategic value of the business. WSJ article
• Neutral Sentiment: Canaccord Genuity and Citi both moved to neutral ratings after the deal, which may limit additional upside from the current level. The Fly article
• Negative Sentiment: Several shareholder law firms announced investigations into the transaction, creating potential legal noise around whether the buyout price is fair. PR Newswire article

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc is a clinical-stage biotechnology company dedicated to the discovery and development of novel small molecule therapeutics that selectively target the nuclear receptor RORγt, a master regulator of T cell-driven inflammatory pathways. By modulating RORγt activity, Apogee aims to offer an oral treatment option for patients with autoimmune and inflammatory skin disorders.

The company’s lead candidate, APG-157, is an oral RORγt inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.