Apogee Therapeutics (NASDAQ:APGE) Sets New 12-Month High - Here's Why

Key Points

• Apogee Therapeutics shares reached a new 52-week high, trading as high as $134.40 and valuing the company at approximately $8.31 billion.
• Analyst sentiment is largely cautious: the stock has an average “Hold” rating and a consensus price target of $121.25, with several firms recently downgrading shares to neutral or hold.
• The clinical-stage biotech slightly exceeded quarterly EPS expectations, while its lead candidate, APG-157, continues early-stage testing as an oral treatment for moderate to severe plaque psoriasis.

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $134.40 and last traded at $134.4450, with a volume of 460331 shares traded. The stock had previously closed at $134.28.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wedbush cut shares of Apogee Therapeutics from an "outperform" rating to a "neutral" rating and set a $135.00 price target for the company. in a research note on Monday, June 22nd. Craig Hallum set a $135.11 price objective on Apogee Therapeutics and gave the company a "hold" rating in a report on Monday, June 22nd. The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a research report on Thursday, May 28th. Canaccord Genuity Group cut Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their target price for the stock from $130.00 to $135.11 in a research note on Monday, June 22nd. Finally, Guggenheim downgraded Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Apogee Therapeutics has an average rating of "Hold" and an average price target of $121.25.

Apogee Therapeutics Stock Performance

The stock's 50-day moving average is $108.57 and its two-hundred day moving average is $88.09. The stock has a market cap of $8.31 billion, a PE ratio of -31.02 and a beta of 0.32.

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

Insider Buying and Selling at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $133.63, for a total value of $2,672,600.00. Following the completion of the sale, the chief executive officer directly owned 995,987 shares of the company's stock, valued at approximately $133,093,742.81. This represents a 1.97% decrease in their ownership of the stock. The transaction 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, insider Carl Dambkowski sold 5,500 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $132.74, for a total transaction of $730,070.00. Following the transaction, the insider owned 177,873 shares in the company, valued at approximately $23,610,862.02. This trade represents a 3.00% 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. Insiders sold a total of 182,900 shares of company stock worth $21,711,585 in the last quarter. Company insiders own 24.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. acquired a new position in Apogee Therapeutics in the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC acquired a new position in shares of Apogee Therapeutics in the fourth quarter valued at approximately $37,000. GAMMA Investing LLC increased its holdings in shares of Apogee Therapeutics by 40.5% in the second quarter. GAMMA Investing LLC now owns 309 shares of the company's stock valued at $41,000 after purchasing an additional 89 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of 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 purchasing an additional 246 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Apogee Therapeutics during the third quarter worth approximately $96,000. 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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