Apogee Therapeutics (NASDAQ:APGE) Downgraded by Mizuho to “Hold”

Mizuho downgraded shares of Apogee Therapeutics (NASDAQ:APGE) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Rothschild & Co Redburn assumed coverage on Apogee Therapeutics in a research report on Friday, May 1st. They issued a “buy” rating and a $140.00 price objective for the company. TD Cowen lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday. Guggenheim downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research note on Tuesday. The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a research report on Thursday, May 28th. Finally, Canaccord Genuity Group lowered Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their target price for the company from $130.00 to $135.11 in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Stock Performance

APGE opened at $132.69 on Wednesday. The firm’s fifty day moving average is $87.67 and its two-hundred day moving average is $79.27. The firm has a market cap of $8.21 billion, a PE ratio of -30.64 and a beta of 0.62. Apogee Therapeutics has a twelve month low of $34.34 and a twelve month high of $133.16.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.07) by $0.01. Equities analysts forecast that Apogee Therapeutics will post -4.45 EPS for the current fiscal year.

Insider Activity

In related news, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.60, for a total value of $3,500,640.00. Following the sale, the insider owned 179,248 shares of the company’s stock, valued at approximately $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.54, for a total value of $10,603,200.00. Following the sale, the chief executive officer owned 1,015,987 shares in the company, valued at $134,658,916.98. The trade was a 7.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 182,900 shares of company stock valued at $20,427,135 in the last 90 days. 24.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. lifted its stake in Apogee Therapeutics by 189,522.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock valued at $206,246,000 after acquiring an additional 2,731,015 shares during the last quarter. Janus Henderson Group PLC increased its position in Apogee Therapeutics by 324.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company’s stock worth $155,697,000 after buying an additional 1,576,626 shares during the last quarter. Perceptive Advisors LLC raised its stake in Apogee Therapeutics by 72.4% in the fourth quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock valued at $175,918,000 after buying an additional 978,662 shares during the period. Wellington Management Group LLP lifted its position in shares of Apogee Therapeutics by 24.1% in the third quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company’s stock valued at $187,673,000 after buying an additional 917,991 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of Apogee Therapeutics by 646.1% during the 3rd quarter. UBS Group AG now owns 799,465 shares of the company’s stock worth $31,763,000 after acquiring an additional 692,308 shares during the period. 79.04% of the stock is currently owned by institutional investors and hedge funds.

Apogee Therapeutics News Roundup

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

• Positive Sentiment: Apogee Therapeutics announced a proposed sale to AbbVie for $135.11 per share in cash, reinforcing the takeover premium and likely supporting the stock price. Article Title
• Neutral Sentiment: Stifel reiterated a hold rating and lifted its price target to $135, suggesting the shares are already close to fair value at the deal price. Article Title
• Neutral Sentiment: Citi downgraded the stock to neutral/hold while also raising its target to $135, reflecting a more cautious stance but still near the acquisition value. Article Title
• Neutral Sentiment: Unusual options activity showed heavy put buying, which may indicate some hedging or concern about deal execution risk. Article Title
• Negative Sentiment: A law firm launched an investigation into the adequacy of the proposed sale price and process, which could add legal overhang and uncertainty around the transaction. Article Title

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.