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

Key Points

• Apogee Therapeutics hit a new 52-week high, trading as high as $134.35, as investor interest remained strong.
• Despite the stock’s rally, analyst sentiment is mixed: several firms recently downgraded the stock to hold/neutral, and MarketBeat shows a consensus rating of Hold with a $121.25 target price.
• Recent insider selling was notable, including shares sold by both an insider and the CEO under pre-arranged plans, while institutional ownership remains high at 79.04%.

Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $134.35 and last traded at $134.20, with a volume of 428060 shares. The stock had previously closed at $134.15.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Canaccord Genuity Group lowered 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 research report on Monday, June 22nd. Deutsche Bank Aktiengesellschaft downgraded Apogee Therapeutics from a "buy" rating to a "hold" rating and lifted their target price for the company from $116.00 to $135.00 in a research report on Monday, June 22nd. Royal Bank Of Canada increased their price target on Apogee Therapeutics from $82.00 to $97.00 and gave the stock a "sector perform" rating in a report on Monday, June 8th. UBS Group downgraded Apogee Therapeutics from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $100.00 to $135.11 in a research report on Tuesday, June 23rd. Finally, Stifel Nicolaus restated a "hold" rating and issued a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. One research 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, Apogee Therapeutics has an average rating of "Hold" and a consensus target price of $121.25.

Apogee Therapeutics Trading Up 0.0%

The stock has a market cap of $8.30 billion, a price-to-earnings ratio of -30.99 and a beta of 0.32. The company's fifty day moving average is $104.47 and its two-hundred day moving average is $86.46.

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

Insider Transactions at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 26,400 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the sale, the insider owned 179,248 shares of the company's stock, valued at approximately $23,768,284.80. This represents a 12.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 80,000 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,015,987 shares of the company's stock, valued at approximately $134,658,916.98. The trade was a 7.30% 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 182,900 shares of company stock valued at $21,711,585 over the last 90 days. 24.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. TD Asset Management Inc grew its holdings in Apogee Therapeutics by 55.3% during the 4th quarter. TD Asset Management Inc now owns 129,290 shares of the company's stock worth $9,759,000 after acquiring an additional 46,050 shares in the last quarter. Banque Pictet & Cie SA acquired a new position in shares of Apogee Therapeutics during the fourth quarter worth $3,155,000. Vanguard Group Inc. grew its stake in shares of Apogee Therapeutics by 27.3% during the fourth quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company's stock worth $215,709,000 after purchasing an additional 612,193 shares in the last quarter. Pictet Asset Management Holding SA acquired a new stake in shares of Apogee Therapeutics during the 4th quarter worth about $23,616,000. Finally, Jennison Associates LLC acquired a new stake in shares of Apogee Therapeutics during the 4th quarter worth about $43,675,000. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

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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