Apogee Therapeutics (NASDAQ:APGE) Upgraded to Strong-Buy at Rothschild & Co Redburn

Key Points

• Rothschild & Co Redburn upgraded Apogee Therapeutics to a Strong-Buy, and several other firms have raised targets (Citigroup $125, Canaccord $130), leaving a MarketBeat consensus of "Moderate Buy" with an average price target of $112.73.
• Shares opened at $80.75, trade in a 52-week range of $34.34–$95.32, and the company has a market cap of about $4.99 billion with a negative PE and analyst forecast of roughly -4.57 EPS for the year.
• Insiders have been selling recently—CEO Michael Henderson sold 20,000 shares at ~$82.58 under a 10b5-1 plan and insiders disposed of 76,500 shares (~$5.63M) in the last three months, though insiders still own 42.77% of the stock.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) was upgraded by equities research analysts at Rothschild & Co Redburn to a "strong-buy" rating in a report released on Friday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group reiterated a "buy" rating and issued a $95.00 target price on shares of Apogee Therapeutics in a research note on Monday, February 2nd. Mizuho lifted 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. Citigroup lifted their target price on Apogee Therapeutics from $95.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Canaccord Genuity Group lifted their target price on Apogee Therapeutics from $89.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Finally, UBS Group upgraded Apogee Therapeutics to a "strong-buy" rating in a research note on Wednesday, January 7th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $112.73.

Apogee Therapeutics Stock Performance

Shares of APGE opened at $80.75 on Friday. The company has a 50 day moving average price of $78.89 and a 200-day moving average price of $72.14. Apogee Therapeutics has a fifty-two week low of $34.34 and a fifty-two week high of $95.32. The stock has a market capitalization of $4.99 billion, a PE ratio of -19.14 and a beta of 0.69.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported ($1.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.05) by $0.02. Equities research analysts forecast that Apogee Therapeutics will post -4.57 EPS for the current year.

Insider Activity

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 20,000 shares of the firm's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $82.58, for a total value of $1,651,600.00. Following the completion of the sale, the chief executive officer owned 1,132,987 shares of the company's stock, valued at approximately $93,562,066.46. This trade represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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, insider Carl Dambkowski sold 5,500 shares of the firm's 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 sale, the insider directly owned 208,398 shares of the company's stock, valued at approximately $17,680,486.32. This represents a 2.57% 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. In the last three months, insiders sold 76,500 shares of company stock valued at $5,633,495. Corporate insiders own 42.77% of the company's stock.

Institutional Investors Weigh In On Apogee Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC lifted its holdings in shares of Apogee Therapeutics by 2.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 7,151 shares of the company's stock worth $540,000 after purchasing an additional 152 shares during the period. Stifel Financial Corp lifted its holdings in shares of Apogee Therapeutics by 3.5% during the fourth quarter. Stifel Financial Corp now owns 5,214 shares of the company's stock worth $394,000 after purchasing an additional 175 shares during the period. ANTIPODES PARTNERS Ltd lifted its holdings in shares of Apogee Therapeutics by 41.2% during the third quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company's stock worth $33,000 after purchasing an additional 246 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in shares of Apogee Therapeutics during the fourth quarter worth about $25,000. Finally, Comerica Bank lifted its holdings in shares of Apogee Therapeutics by 1.0% during the fourth quarter. Comerica Bank now owns 35,872 shares of the company's stock worth $2,708,000 after purchasing an additional 338 shares during the period. Institutional investors and hedge funds 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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