Apogee Therapeutics (NASDAQ:APGE) Shares Gap Up - Here's Why

Key Points

• Shares gapped up: APGE jumped from a $66.04 close to a $77.32 premarket open and was last trading around $78.36 on heavy volume (1,135,672 shares).
• Analyst view — Moderate Buy: The consensus rating is Moderate Buy with a consensus price target of $103.92, reflecting a mix of 3 Strong Buy, 8 Buy, 4 Hold and 1 Sell ratings.
• Significant insider selling: Fairmount Funds Management sold 1,750,000 shares at about $76.30 (≈$133.5M), part of 1,839,700 shares insiders sold in the last 90 days, while insiders still own 42.77% of the stock.

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $66.04, but opened at $77.32. Apogee Therapeutics shares last traded at $78.3550, with a volume of 1,135,672 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Apogee Therapeutics in a research report on Wednesday, January 21st. Jefferies Financial Group reissued a "buy" rating and issued a $95.00 price target on shares of Apogee Therapeutics in a report on Monday, February 2nd. UBS Group upgraded shares of Apogee Therapeutics to a "strong-buy" rating in a research report on Wednesday, January 7th. Craig Hallum restated a "buy" rating and set a $116.00 price objective on shares of Apogee Therapeutics in a report on Wednesday, January 7th. Finally, Wedbush boosted their target price on shares of Apogee Therapeutics from $90.00 to $95.00 and gave the company an "outperform" rating in a research note on Tuesday, March 3rd. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Apogee Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $103.92.

Apogee Therapeutics Stock Performance

The firm has a market capitalization of $5.40 billion, a P/E ratio of -18.53 and a beta of 1.39. The stock has a 50 day moving average of $71.25 and a 200-day moving average of $63.40.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its earnings results on Monday, March 2nd. The company reported ($1.03) earnings per share for the quarter, topping the consensus estimate of ($1.05) by $0.02. As a group, sell-side analysts expect that Apogee Therapeutics Inc. will post -3.09 EPS for the current year.

Insider Buying and Selling at Apogee Therapeutics

In other Apogee Therapeutics news, Director Fairmount Funds Management Llc sold 1,750,000 shares of the business's stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the sale, the director owned 298,647 shares of the company's stock, valued at $22,786,766.10. The trade was a 85.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $71.06, for a total value of $390,830.00. Following the sale, the insider owned 209,773 shares in the company, valued at approximately $14,906,469.38. This represents a 2.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,839,700 shares of company stock valued at $140,118,083 in the last 90 days. 42.77% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in APGE. Rockefeller Capital Management L.P. bought a new stake in shares of Apogee Therapeutics during the fourth quarter valued at about $25,000. Los Angeles Capital Management LLC bought a new position in shares of Apogee Therapeutics in the fourth quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd boosted its position in shares of Apogee Therapeutics by 41.2% in the third quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company's stock valued at $33,000 after acquiring an additional 246 shares during the period. Seven Fleet Capital Management LP purchased a new position in Apogee Therapeutics during the fourth quarter valued at approximately $136,000. Finally, Ensign Peak Advisors Inc purchased a new position in Apogee Therapeutics during the fourth quarter valued at approximately $170,000. Institutional investors own 79.04% of the company's stock.

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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