Apogee Therapeutics (NASDAQ:APGE) Hits New 12-Month High – Here’s What Happened

Apogee Therapeutics Inc. (NASDAQ:APGE) reached a new 52-week high during trading on Thursday . The stock traded as high as $134.49 and last traded at $134.3160, with a volume of 788 shares. The stock had previously closed at $134.23.

Analysts Set New Price Targets

APGE has been the topic of a number of recent analyst reports. Truist Financial dropped their price objective on shares of Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday, May 27th. Wedbush cut shares of Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 price objective for the company. in a research report on Monday, June 22nd. BTIG Research reiterated a “buy” rating and set a $137.00 target price on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Guggenheim lowered Apogee Therapeutics from a “buy” rating to a “neutral” rating in a report on Tuesday, June 23rd. Finally, Stifel Nicolaus restated a “hold” rating and issued a $135.00 price target (up from $133.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. One equities research 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, Apogee Therapeutics presently has an average rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Stock Performance

The stock’s 50-day moving average is $117.16 and its 200 day moving average is $91.20. The stock has a market capitalization of $8.31 billion, a PE ratio of -31.03 and a beta of 0.34.

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

Insider Activity

In other news, CEO Michael Thomas Henderson sold 80,000 shares of Apogee Therapeutics stock in a transaction dated 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 in the company, valued at approximately $134,658,916.98. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider directly owned 179,248 shares of the company’s stock, valued at $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 177,400 shares of company stock worth $21,248,815. Corporate insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. purchased a new position in shares of Apogee Therapeutics during the fourth quarter worth approximately $25,000. Los Angeles Capital Management LLC purchased a new stake in Apogee Therapeutics in the 4th quarter valued at $37,000. GAMMA Investing LLC raised its position in Apogee Therapeutics by 40.5% in the 2nd quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock valued at $41,000 after purchasing an additional 89 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Apogee Therapeutics by 61.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock worth $54,000 after purchasing an additional 246 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in Apogee Therapeutics during the 3rd quarter worth $96,000. Hedge funds and other institutional investors own 79.04% of the company’s stock.

About Apogee Therapeutics

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.