Apogee Therapeutics (NASDAQ:APGE) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Apogee Therapeutics reported quarterly earnings of ($1.06) per share, beating Wall Street’s estimate of ($1.12) by $0.06.
• The stock rose 2.6% in midday trading to $85.20 after the earnings release, with the company carrying a market cap of about $5.27 billion.
• Analyst sentiment remains broadly positive: the stock has a Moderate Buy consensus rating, with several firms recently raising price targets, including Guggenheim to $160 and Canaccord to $130.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) announced its quarterly earnings data on Monday. The company reported ($1.06) EPS for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06, FiscalAI reports.

Apogee Therapeutics Trading Up 2.6%

Shares of APGE stock traded up $2.17 during mid-day trading on Monday, reaching $85.20. The stock had a trading volume of 214,446 shares, compared to its average volume of 945,091. The company has a market cap of $5.27 billion, a P/E ratio of -20.24 and a beta of 0.69. Apogee Therapeutics has a 12-month low of $34.34 and a 12-month high of $95.32. The business has a 50-day simple moving average of $79.69 and a 200 day simple moving average of $73.01.

Wall Street Analyst Weigh In

A number of equities analysts have commented on APGE shares. Mizuho lifted their target price on shares of Apogee Therapeutics from $105.00 to $110.00 and gave the stock an "outperform" rating in a research note on Monday, March 30th. Truist Financial initiated coverage on shares of Apogee Therapeutics in a report on Tuesday, March 17th. They issued a "hold" rating and a $83.00 price objective for the company. Canaccord Genuity Group upped 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. Royal Bank Of Canada cut their price objective on Apogee Therapeutics from $83.00 to $82.00 and set a "sector perform" rating on the stock in a research report on Monday, March 2nd. Finally, Guggenheim increased their price objective on Apogee Therapeutics from $130.00 to $160.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $112.73.

Insider Activity

In related news, insider Carl Dambkowski sold 5,500 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $84.14, for a total transaction of $462,770.00. Following the transaction, the insider owned 207,023 shares of the company's stock, valued at approximately $17,418,915.22. This represents a 2.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 firm's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $82.58, for a total transaction of $1,651,600.00. Following the sale, the chief executive officer owned 1,132,987 shares in the company, valued at approximately $93,562,066.46. This trade represents a 1.73% decrease in their position. 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. Insiders have sold a total of 76,500 shares of company stock worth $5,734,420 over the last ninety days. 24.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Apogee Therapeutics by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company's stock worth $358,272,000 after purchasing an additional 22,884 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in Apogee Therapeutics by 189,522.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company's stock worth $206,246,000 after acquiring an additional 2,731,015 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Apogee Therapeutics by 324.4% in the 4th quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company's stock worth $155,697,000 after purchasing an additional 1,576,626 shares during the period. State Street Corp grew its holdings in shares of Apogee Therapeutics by 2.1% during the 4th quarter. State Street Corp now owns 1,690,186 shares of the company's stock worth $127,575,000 after purchasing an additional 34,638 shares during the period. Finally, Paradigm Biocapital Advisors LP increased its position in Apogee Therapeutics by 58.7% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 1,521,757 shares of the company's stock worth $60,459,000 after purchasing an additional 563,127 shares in the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

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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