Apogee Therapeutics (NASDAQ:APGE) Reaches New 1-Year High - Still a Buy?

Key Points

• Apogee hit a new 52-week high (intraday $89.63, last $88.47) and has seen multiple analyst price-target increases — the consensus is a Moderate Buy with an average target of $110.79 (top targets up to $160).
• There has been significant insider selling recently: Fairmount sold 1.75M shares (reducing its stake by 85.42%), and insiders disposed of ~1.83M shares worth $139M over the last three months, even though insiders still own 42.77% of the company.
• Apogee is a clinical-stage biotech (lead oral RORγt candidate APG-157 for plaque psoriasis) with negative earnings (quarterly EPS -$1.03, P/E -20.96) and a market cap of about $6.15 billion, reflecting a high-risk, development-stage profile.

Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report)'s share price hit a new 52-week high on Wednesday . The stock traded as high as $89.63 and last traded at $88.47, with a volume of 559815 shares changing hands. The stock had previously closed at $86.74.

Analysts Set New Price Targets

Several analysts have recently weighed in on APGE shares. Guggenheim raised their target price on Apogee Therapeutics from $130.00 to $160.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. BTIG Research restated a "buy" rating and set a $137.00 target price on shares of Apogee Therapeutics in a research note on Monday, March 23rd. Mizuho raised their target price on Apogee Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, March 30th. Truist Financial started coverage on Apogee Therapeutics in a research note on Tuesday, March 17th. They set a "hold" rating and a $83.00 target price for the company. Finally, Jefferies Financial Group restated a "buy" rating and set a $95.00 target price on shares of Apogee Therapeutics in a research note on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $110.79.

Apogee Therapeutics Stock Up 2.0%

The firm has a 50 day moving average price of $73.71 and a two-hundred day moving average price of $68.76. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of -20.96 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. Analysts predict that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Fairmount Funds Management Llc sold 1,750,000 shares of Apogee Therapeutics stock in a transaction dated 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 in the company, valued at approximately $22,786,766.10. This trade represents a 85.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction dated 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 owned 208,398 shares of the company's stock, valued at $17,680,486.32. This trade represents 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. Over the last three months, insiders sold 1,826,500 shares of company stock worth $139,158,495. Corporate insiders own 42.77% of the company's stock.

Hedge Funds Weigh In On Apogee Therapeutics

A number of hedge funds have recently bought and sold shares of APGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Apogee Therapeutics by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock worth $921,000 after purchasing an additional 694 shares in the last quarter. Millennium Management LLC grew its stake in Apogee Therapeutics by 100.0% in the first quarter. Millennium Management LLC now owns 260,335 shares of the company's stock worth $9,726,000 after purchasing an additional 130,164 shares in the last quarter. Creative Planning acquired a new position in Apogee Therapeutics in the second quarter worth about $392,000. Legal & General Group Plc lifted its holdings in Apogee Therapeutics by 7.4% in the second quarter. Legal & General Group Plc now owns 27,689 shares of the company's stock worth $1,203,000 after acquiring an additional 1,907 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Apogee Therapeutics by 10,570.6% in the second quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company's stock worth $945,000 after acquiring an additional 21,564 shares during the last quarter. 79.04% of the stock is currently 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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