Apogee Therapeutics (NASDAQ:APGE) Earns "Buy" Rating from BTIG Research

Key Points

• BTIG Research reiterated a Buy rating on Apogee Therapeutics and set a $137 price target, implying about 71% upside from the stock’s current price.
• Analyst sentiment remains broadly positive: Apogee currently has a Moderate Buy consensus, with an average target price of $115.40 across multiple firms.
• Apogee’s shares traded down to $79.97 despite recent earnings that slightly beat expectations, and insider selling has continued, including transactions by the CEO and another executive under pre-arranged trading plans.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report)'s stock had its "buy" rating reissued by analysts at BTIG Research in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $137.00 price target on the stock. BTIG Research's target price would suggest a potential upside of 71.32% from the company's current price.

A number of other research firms have also weighed in on APGE. 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 target price on the stock. Mizuho lifted their price target on Apogee Therapeutics from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, March 30th. Canaccord Genuity Group increased their target price on shares of Apogee Therapeutics from $89.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, March 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Apogee Therapeutics in a research report on Monday, April 20th. Finally, Royal Bank Of Canada reduced their price objective on shares of Apogee Therapeutics from $83.00 to $82.00 and set a "sector perform" rating for the company in a research report on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Apogee Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $115.40.

Apogee Therapeutics Price Performance

Shares of APGE stock traded down $2.84 on Wednesday, hitting $79.97. The stock had a trading volume of 2,642,210 shares, compared to its average volume of 936,907. The company's 50 day moving average price is $82.28 and its 200-day moving average price is $75.46. Apogee Therapeutics has a 1 year low of $34.34 and a 1 year high of $95.32. The firm has a market capitalization of $4.95 billion, a P/E ratio of -18.40 and a beta of 0.69.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($1.06) EPS for the quarter, beating analysts' consensus estimates of ($1.07) by $0.01. On average, equities analysts forecast that Apogee Therapeutics will post -4.48 EPS for the current year.

Insiders Place Their Bets

In other news, insider Carl Dambkowski sold 5,500 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $84.14, for a total value of $462,770.00. Following the completion of the transaction, the insider owned 207,023 shares in the company, valued at $17,418,915.22. This trade represents a 2.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $82.09, for a total transaction of $1,641,800.00. Following the completion of the sale, the chief executive officer directly owned 1,115,987 shares in the company, valued at approximately $91,611,372.83. The trade was a 1.76% decrease in their ownership of the stock. 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 quarter, insiders have sold 76,500 shares of company stock worth $6,109,220. 24.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Apogee Therapeutics by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock valued at $921,000 after buying an additional 694 shares in the last quarter. Millennium Management LLC increased its stake in Apogee Therapeutics by 100.0% during the 1st quarter. Millennium Management LLC now owns 260,335 shares of the company's stock worth $9,726,000 after buying an additional 130,164 shares during the period. Creative Planning acquired a new position in Apogee Therapeutics in the 2nd quarter worth $392,000. Legal & General Group Plc boosted its position in Apogee Therapeutics by 7.4% in the 2nd quarter. Legal & General Group Plc now owns 27,689 shares of the company's stock valued at $1,203,000 after buying an additional 1,907 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Apogee Therapeutics by 10,570.6% during the second quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company's stock valued at $945,000 after acquiring an additional 21,564 shares in the last quarter. 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.

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