Apogee Therapeutics (NASDAQ:APGE) Sets New 52-Week High - Should You Buy?

Key Points

• Apogee Therapeutics reached a new 52-week high of $134.88, giving the company an $8.39 billion market capitalization. Despite the momentum, analysts’ average rating remains “Hold,” with an average price target of $124.43.
• The company reported a quarterly loss of $1.14 per share, missing the consensus estimate of a $1.07 loss; analysts expect a full-year loss of approximately $4.47 per share.
• Apogee is a clinical-stage biotechnology company developing oral therapies targeting inflammatory and autoimmune disorders, with lead candidate APG-157 in early-stage testing for moderate to severe plaque psoriasis. Insiders sold 162,900 shares worth $20.3 million in the latest quarter, while institutional investors own 79.04% of the stock.

Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $134.88 and last traded at $134.8790, with a volume of 648357 shares. The stock had previously closed at $134.85.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Rothschild & Co Redburn assumed coverage on shares of Apogee Therapeutics in a report on Friday, May 1st. They set a "buy" rating and a $140.00 price objective on the stock. Guggenheim lowered shares of Apogee Therapeutics from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 23rd. Truist Financial lifted their price objective on Apogee Therapeutics from $81.00 to $135.00 and gave the stock a "hold" rating in a report on Thursday, August 13th. TD Cowen lowered Apogee Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Finally, Mizuho restated a "neutral" rating and issued a $135.00 target price (up from $110.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $124.43.

Apogee Therapeutics Stock Up 0.0%

The firm has a 50-day moving average of $131.28 and a two-hundred day moving average of $97.27. The company has a market capitalization of $8.39 billion, a PE ratio of -31.08 and a beta of 0.34.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last issued 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). On average, equities research analysts expect that Apogee Therapeutics Inc. will post -4.47 EPS for the current year.

Insider Activity at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 80,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,015,987 shares of the company's stock, valued at approximately $134,658,916.98. This represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the sale, the insider directly owned 179,248 shares in the company, valued at approximately $23,768,284.80. The trade was a 12.84% decrease in their position. 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 valued at $20,344,950 in the last quarter. 24.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Apogee Therapeutics by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock worth $921,000 after acquiring an additional 694 shares during the period. Millennium Management LLC grew its holdings in shares of Apogee Therapeutics by 100.0% in the 1st quarter. Millennium Management LLC now owns 260,335 shares of the company's stock worth $9,726,000 after acquiring an additional 130,164 shares during the period. Creative Planning purchased a new position in Apogee Therapeutics during the 2nd quarter valued at about $392,000. Legal & General Group Plc lifted its position in shares of Apogee Therapeutics by 7.4% in the second quarter. Legal & General Group Plc now owns 27,689 shares of the company's stock valued at $1,203,000 after acquiring an additional 1,907 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Apogee Therapeutics by 10,570.6% during 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. Hedge funds and other institutional investors own 79.04% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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