Apogee Therapeutics (NASDAQ:APGE) Lowered to Hold Rating by Mizuho

Key Points

• Mizuho downgraded Apogee Therapeutics from strong-buy to hold, adding to a wave of more cautious analyst sentiment around the stock.
• Several other firms also turned more conservative recently, including Truist, Canaccord, Wedbush, and UBS, with the overall consensus now sitting at Hold and a target price of $121.25.
• Apogee shares were trading near their 52-week high at $132.69, while the company reported a slightly narrower-than-expected quarterly loss and saw notable insider selling from both the CEO and another executive.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) was downgraded by Mizuho from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the company. Truist Financial cut their price target on Apogee Therapeutics from $83.00 to $81.00 and set a "hold" rating on the stock in a report on Wednesday, May 27th. Canaccord Genuity Group cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and increased their price objective for the stock from $130.00 to $135.11 in a report on Monday. Rothschild & Co Redburn started coverage on shares of Apogee Therapeutics in a research report on Friday, May 1st. They issued a "buy" rating and a $140.00 price objective on the stock. Wedbush lowered shares of Apogee Therapeutics from an "outperform" rating to a "neutral" rating and set a $135.00 target price for the company. in a research note on Monday. Finally, UBS Group lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating and boosted their target price for the company from $100.00 to $135.11 in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company's stock. 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

NASDAQ APGE opened at $132.69 on Wednesday. The firm has a market capitalization of $8.21 billion, a PE ratio of -30.64 and a beta of 0.62. Apogee Therapeutics has a one year low of $34.34 and a one year high of $133.16. The company has a 50-day simple moving average of $87.67 and a 200-day simple moving average of $79.27.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.07) by $0.01. Equities analysts forecast that Apogee Therapeutics will post -4.45 earnings per share for the current year.

Insider Activity

In other Apogee Therapeutics news, insider Carl Dambkowski sold 26,400 shares of the company'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 approximately $23,768,284.80. This represents a 12.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of the business's stock in a transaction that occurred 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 completion of 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 ownership of the stock. 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. Over the last quarter, insiders sold 182,900 shares of company stock worth $20,427,135. 24.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Apogee Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of APGE. Rockefeller Capital Management L.P. acquired a new stake in Apogee Therapeutics during the 4th quarter worth about $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Apogee Therapeutics in the fourth quarter worth $37,000. EverSource Wealth Advisors LLC raised its position in Apogee Therapeutics by 61.7% during the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company's stock valued at $54,000 after buying an additional 246 shares during the period. Quantbot Technologies LP purchased a new stake in Apogee Therapeutics in the 3rd quarter worth about $96,000. Finally, Seven Fleet Capital Management LP acquired a new stake in Apogee Therapeutics during the 4th quarter worth about $136,000. Institutional investors and hedge funds own 79.04% of the company's stock.

Key Headlines Impacting Apogee Therapeutics

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

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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