Apogee Therapeutics (NASDAQ:APGE) Hits New 12-Month High – Here’s What Happened

Apogee Therapeutics Inc. (NASDAQ:APGE)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $134.90 and last traded at $134.8220, with a volume of 44640 shares traded. The stock had previously closed at $134.57.

Wall Street Analyst Weigh In

APGE has been the topic of a number of research analyst reports. Royal Bank Of Canada upped their price target on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Monday, June 8th. Citigroup downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $125.00 to $135.00 in a research note on Tuesday, June 23rd. Wedbush lowered Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 target price on the stock. in a research report on Monday, June 22nd. UBS Group cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and raised their target price for the stock from $100.00 to $135.11 in a research note on Tuesday, June 23rd. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $135.00 price target (up from $133.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $124.43.

Apogee Therapeutics Price Performance

The stock has a market cap of $8.38 billion, a price-to-earnings ratio of -31.07 and a beta of 0.35. The firm’s fifty day moving average price is $126.44 and its two-hundred day moving average price is $94.88.

Apogee Therapeutics (NASDAQ:APGE) last issued its earnings results on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.07). On average, equities research analysts anticipate that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Carl Dambkowski sold 26,400 shares of the business’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 completion of the sale, the insider directly owned 179,248 shares of the company’s stock, valued at $23,768,284.80. The trade was a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 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 sale, the chief executive officer owned 1,015,987 shares in the company, valued at $134,658,916.98. This represents a 7.30% decrease in their position. 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 162,900 shares of company stock worth $20,344,950 over the last ninety days. Insiders own 24.30% of the company’s stock.

Institutional Trading of Apogee Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APGE. BlackRock Inc. purchased a new position in shares of Apogee Therapeutics during the second quarter valued at approximately $730,948,000. T. Rowe Price Investment Management Inc. raised its position in Apogee Therapeutics by 189,522.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock valued at $206,246,000 after buying an additional 2,731,015 shares during the last quarter. Glazer Capital LLC purchased a new stake in Apogee Therapeutics in the 2nd quarter valued at $217,816,000. Janus Henderson Group PLC lifted its stake in Apogee Therapeutics by 324.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company’s stock valued at $155,697,000 after acquiring an additional 1,576,626 shares in the last quarter. Finally, Pentwater Capital Management LP bought a new position in Apogee Therapeutics during the 2nd quarter valued at $189,140,000. 79.04% of the stock is owned by institutional investors.

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 ROR?t, a master regulator of T cell-driven inflammatory pathways. By modulating ROR?t 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 ROR?t inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.