Apogee Therapeutics (NASDAQ:APGE) Reaches New 1-Year High - Should You Buy?

Key Points

• Apogee Therapeutics shares hit a new 52-week high, trading as high as $133.88 and closing near that level after a 0.1% gain. The stock is well above its 50-day and 200-day moving averages, signaling strong recent momentum.
• Analyst opinions are mixed, but the overall view is still “Hold” with a consensus price target of $121.25. Recent updates included both upgrades and downgrades, with targets ranging from $89 to $140.
• The company recently reported a smaller-than-expected quarterly loss of $1.06 per share, and insiders have been selling shares under pre-arranged plans. Apogee remains a clinical-stage biotech focused on its lead candidate APG-157 for inflammatory skin disorders.

Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $133.88 and last traded at $133.82, with a volume of 1009077 shares changing hands. The stock had previously closed at $133.65.

Analysts Set New Price Targets

APGE has been the subject of a number of recent research reports. Rothschild & Co Redburn initiated coverage on Apogee Therapeutics in a research report on Friday, May 1st. They set a "buy" rating and a $140.00 price objective for the company. Mizuho restated a "neutral" rating and issued a $135.00 target price (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Canaccord Genuity Group cut shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their price target for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. The Goldman Sachs Group set a $89.00 price target on shares of Apogee Therapeutics in a research note on Thursday, May 28th. Finally, Guggenheim downgraded shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $121.25.

Apogee Therapeutics Trading Up 0.1%

The stock's 50 day moving average price is $99.41 and its 200 day moving average price is $84.45. The company has a market cap of $8.28 billion, a price-to-earnings ratio of -30.91 and a beta of 0.32.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.01. On average, equities analysts expect that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $132.74, for a total value of $730,070.00. Following the transaction, the insider directly owned 177,873 shares of the company's stock, valued at approximately $23,610,862.02. This trade represents a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 Apogee Therapeutics stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $133.63, for a total value of $2,672,600.00. Following the completion of the transaction, the chief executive officer owned 995,987 shares in the company, valued at $133,093,742.81. The trade was a 1.97% 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. Over the last 90 days, insiders have sold 182,900 shares of company stock valued at $21,711,585. Insiders own 24.30% of the company's stock.

Hedge Funds Weigh In On Apogee Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. acquired a new stake in Apogee Therapeutics during the 4th quarter worth approximately $25,000. Los Angeles Capital Management LLC acquired a new position in Apogee Therapeutics during the fourth quarter valued at approximately $37,000. GAMMA Investing LLC lifted its position in Apogee Therapeutics by 40.5% during the second quarter. GAMMA Investing LLC now owns 309 shares of the company's stock valued at $41,000 after buying an additional 89 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Apogee Therapeutics by 61.7% during the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company's stock worth $54,000 after buying an additional 246 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in Apogee Therapeutics during the third quarter worth approximately $96,000. 79.04% of the stock is owned by institutional investors and hedge funds.

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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