Apogee Therapeutics (NASDAQ:APGE) Sets New 52-Week High – Here’s What Happened

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE) hit a new 52-week high during trading on Thursday . The company traded as high as $133.85 and last traded at $132.8250, with a volume of 120634 shares trading hands. The stock had previously closed at $132.77.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on APGE shares. UBS Group downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the stock from $100.00 to $135.11 in a report on Tuesday, June 23rd. Rothschild & Co Redburn initiated coverage on Apogee Therapeutics in a research note on Friday, May 1st. They set a “buy” rating and a $140.00 price objective for the company. TD Cowen lowered Apogee Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Wedbush cut Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 target price on the stock. in a research note on Monday, June 22nd. Finally, Citigroup downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the company from $125.00 to $135.00 in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Stock Up 0.0%

The firm’s 50 day simple moving average is $91.91 and its 200 day simple moving average is $81.27. The company has a market cap of $8.22 billion, a price-to-earnings ratio of -30.68 and a beta of 0.31.

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 anticipate that Apogee Therapeutics Inc. will post -4.45 EPS for the current fiscal year.

Insider Activity at Apogee Therapeutics

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 80,000 shares of Apogee Therapeutics stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the sale, the chief executive officer owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. The trade was a 7.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $132.60, for a total value of $3,500,640.00. Following the sale, the insider directly owned 179,248 shares in the company, valued at $23,768,284.80. The trade was a 12.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 177,400 shares of company stock worth $19,960,515. 24.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. bought a new stake in shares of Apogee Therapeutics during the fourth quarter valued at about $25,000. Los Angeles Capital Management LLC bought a new position in Apogee Therapeutics in the 4th quarter valued at about $37,000. EverSource Wealth Advisors LLC grew its position in Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after buying an additional 246 shares in the last quarter. Quantbot Technologies LP acquired a new position in Apogee Therapeutics during the 3rd quarter valued at about $96,000. Finally, Seven Fleet Capital Management LP acquired a new position in Apogee Therapeutics during the 4th quarter valued at about $136,000. 79.04% of the stock is owned by institutional investors and hedge funds.

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.