Apogee Therapeutics (NASDAQ:APGE) Hits New 12-Month High - Still a Buy?

Key Points

• 52-week high: Apogee Therapeutics traded as high as $86.98 (last $86.84) on heavy volume (268,367 shares), valuing the company at about $6.0 billion with 50‑day/200‑day moving averages of $72.15/$67.18.
• Analyst outlook: The consensus rating is Moderate Buy with an average price target of $110.79; analyst opinions range from 2 Strong Buy and 10 Buy to 4 Hold and 1 Sell.
• Insider and institutional activity: Significant insider selling occurred recently (Fairmount sold 1.75M shares for ~$133.5M; insiders sold ~1.83M shares in the last three months), while institutional investors own about 79% of the stock and insiders retain 42.77% ownership.

Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $86.98 and last traded at $86.84, with a volume of 268367 shares. The stock had previously closed at $83.12.

Analyst Ratings Changes

Several research analysts have issued reports on APGE shares. Truist Financial initiated coverage on Apogee Therapeutics in a report on Tuesday, March 17th. They issued a "hold" rating and a $83.00 price target on the stock. Jefferies Financial Group reaffirmed a "buy" rating and set a $95.00 price target on shares of Apogee Therapeutics in a research report on Monday, February 2nd. Royal Bank Of Canada decreased their target price on 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. Canaccord Genuity Group raised their target price on Apogee Therapeutics from $89.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, March 24th. Finally, UBS Group raised Apogee Therapeutics to a "strong-buy" rating in a research report on Wednesday, January 7th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $110.79.

Apogee Therapeutics Price Performance

The stock has a fifty day moving average price of $72.15 and a 200 day moving average price of $67.18. The stock has a market capitalization of $6.00 billion, a P/E ratio of -20.37 and a beta of 1.02.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported ($1.03) EPS for the quarter, topping analysts' consensus estimates of ($1.05) by $0.02. Research analysts anticipate that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current year.

Insider Transactions at Apogee Therapeutics

In other news, Director Fairmount Funds Management Llc sold 1,750,000 shares of the firm's stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $76.30, for a total value of $133,525,000.00. Following the completion of the transaction, the director directly owned 298,647 shares of the company's stock, valued at $22,786,766.10. This trade represents a 85.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carl Dambkowski sold 5,500 shares of the firm's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $84.84, for a total value of $466,620.00. Following the completion of the transaction, the insider directly owned 208,398 shares of the company's stock, valued at $17,680,486.32. The trade was a 2.57% 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. Insiders sold 1,826,500 shares of company stock valued at $139,129,095 over the last three months. Company insiders own 42.77% of the company's stock.

Institutional Investors Weigh In On Apogee Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. bought a new stake in shares of Apogee Therapeutics in the 4th quarter valued at about $25,000. Avoro Capital Advisors LLC bought a new stake in shares of Apogee Therapeutics in the 4th quarter valued at about $37,740,000. Seven Fleet Capital Management LP bought a new stake in shares of Apogee Therapeutics in the 4th quarter valued at about $136,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of Apogee Therapeutics by 189,522.2% in 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 acquiring an additional 2,731,015 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Apogee Therapeutics by 142.6% in the 4th quarter. Invesco Ltd. now owns 70,687 shares of the company's stock valued at $5,335,000 after acquiring an additional 41,549 shares during the last quarter. Institutional investors own 79.04% of the company's stock.

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.

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