Apogee Therapeutics (NASDAQ:APGE) Sets New 12-Month High - Time to Buy?

Key Points

• Apogee Therapeutics shares reached a new 52-week high of $135.08, giving the company an $8.40 billion market capitalization. The stock is trading above both its 50-day and 200-day moving averages.
• Analyst sentiment is largely cautious: Apogee has an average rating of “Hold” from MarketBeat-tracked analysts, with an average price target of $126.77—below its current price. The company also missed quarterly EPS expectations, reporting a $1.14 loss versus the projected $1.07 loss.
• Insiders have sold $20.3 million worth of shares over the past 90 days, including sales by the CEO and another insider under pre-arranged trading plans. Apogee remains a clinical-stage biotechnology company, with lead candidate APG-157 in early-stage trials for plaque psoriasis.

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $135.08 and last traded at $135.08, with a volume of 1811684 shares traded. The stock had previously closed at $134.97.

Wall Street Analyst Weigh In

A number of research firms have recently commented on APGE. Truist Financial raised their target price on Apogee Therapeutics from $81.00 to $135.00 and gave the company a "hold" rating in a research note on Thursday, August 13th. TD Cowen downgraded Apogee Therapeutics from a "buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft lowered Apogee Therapeutics from a "buy" rating to a "hold" rating and raised their price objective for the company from $116.00 to $135.00 in a research report on Monday, June 22nd. Mizuho restated a "neutral" rating and set a $135.00 target price (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Finally, Canaccord Genuity Group downgraded shares of Apogee Therapeutics from a "buy" rating to a "hold" rating and upped their target price for the stock from $130.00 to $135.11 in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Apogee Therapeutics currently has an average rating of "Hold" and an average target price of $126.77.

Apogee Therapeutics Trading Up 0.1%

The company has a market cap of $8.40 billion, a P/E ratio of -31.12 and a beta of 0.35. The stock's 50 day moving average is $134.04 and its 200-day moving average is $99.30.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($1.14) earnings per share for the quarter, missing analysts' consensus estimates of ($1.07) by ($0.07). As a group, sell-side analysts forecast that Apogee Therapeutics Inc. will post -4.47 EPS for the current year.

Insider Activity

In other news, insider Carl Dambkowski sold 26,400 shares of the firm's 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 $23,768,284.80. This trade represents a 12.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of Apogee Therapeutics stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the completion of the sale, the chief executive officer owned 1,015,987 shares of the company's stock, valued at $134,658,916.98. This represents a 7.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 162,900 shares of company stock worth $20,344,950 in the last 90 days. Company insiders own 24.30% of the company's stock.

Institutional Trading of Apogee Therapeutics

Several large investors have recently modified their holdings of the company. TD Asset Management Inc increased its position in shares of Apogee Therapeutics by 55.3% during the 4th quarter. TD Asset Management Inc now owns 129,290 shares of the company's stock valued at $9,759,000 after purchasing an additional 46,050 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Apogee Therapeutics by 27.3% in the fourth quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company's stock worth $215,709,000 after buying an additional 612,193 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Apogee Therapeutics by 7.3% in the first quarter. Bank of New York Mellon Corp now owns 126,757 shares of the company's stock worth $10,669,000 after buying an additional 8,673 shares during the last quarter. Alberta Investment Management Corp bought a new stake in Apogee Therapeutics during the second quarter valued at approximately $9,955,000. Finally, Bank of America Corp DE grew its position in Apogee Therapeutics by 13.5% during the first quarter. Bank of America Corp DE now owns 900,871 shares of the company's stock valued at $75,826,000 after buying an additional 107,176 shares during the period. 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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