Apogee Therapeutics (NASDAQ:APGE) Reaches New 52-Week High – What’s Next?

Apogee Therapeutics Inc. (NASDAQ:APGE)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $132.67 and last traded at $132.8380, with a volume of 7539293 shares changing hands. The stock had previously closed at $90.38.

Key Headlines Impacting Apogee Therapeutics

Here are the key news stories impacting Apogee Therapeutics this week:

• Positive Sentiment: AbbVie’s acquisition of Apogee Therapeutics should provide a clear cash exit for shareholders at $135.11 per share, reinforcing the stock’s rally. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: Citigroup raised its price target on Apogee to $135 from $125, which is roughly in line with the deal price and supports the valuation. Benzinga: Citigroup reaffirmed neutral with higher target
• Neutral Sentiment: Citigroup also reaffirmed a neutral rating on APGE, indicating the stock may already be close to fair value after the takeover announcement. Benzinga: Citigroup reaffirmed neutral with higher target
• Neutral Sentiment: Unusual options activity showed a sharp rise in put buying, suggesting some traders are hedging or expecting volatility around the merger. Unusual options trading report
• Negative Sentiment: Citigroup downgraded Apogee from strong-buy to hold, which may limit further upside after the takeover-driven surge. The Fly: Citigroup downgrade

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on APGE. The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a research note on Thursday, May 28th. UBS Group cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $100.00 to $135.11 in a report on Tuesday. BTIG Research restated a “buy” rating and issued a $137.00 price target on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and increased their price objective for the company from $116.00 to $135.00 in a report on Monday. Finally, Guggenheim cut shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Apogee Therapeutics has a consensus rating of “Hold” and a consensus target price of $119.67.

Apogee Therapeutics Stock Performance

The firm has a market cap of $8.23 billion, a P/E ratio of -30.69 and a beta of 0.62. The firm’s fifty day simple moving average is $86.75 and its 200 day simple moving average is $78.87.

Apogee Therapeutics (NASDAQ:APGE) last issued its earnings results on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.01. On average, equities research analysts predict that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current year.

Insider Activity at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total value of $432,905.00. Following the sale, the insider owned 205,648 shares of the company’s stock, valued at $16,186,554.08. The trade was a 2.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,132,987 shares in the company, valued at $93,562,066.46. This trade represents a 1.73% decrease in their ownership of the stock. 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 have sold a total of 76,500 shares of company stock valued at $6,323,295 in the last 90 days. 24.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Large investors have recently bought and sold shares of the business. Seven Fleet Capital Management LP raised its stake in Apogee Therapeutics by 9.4% during the first quarter. Seven Fleet Capital Management LP now owns 1,969 shares of the company’s stock valued at $166,000 after purchasing an additional 169 shares in the last quarter. Glenmede Trust Co. NA lifted its position in Apogee Therapeutics by 26.9% during the first quarter. Glenmede Trust Co. NA now owns 10,799 shares of the company’s stock valued at $909,000 after purchasing an additional 2,287 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Apogee Therapeutics by 13.5% in the 1st quarter. Bank of America Corp DE now owns 900,871 shares of the company’s stock worth $75,826,000 after buying an additional 107,176 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Apogee Therapeutics by 14.4% in the 1st quarter. Janus Henderson Group PLC now owns 2,360,596 shares of the company’s stock worth $198,809,000 after buying an additional 297,992 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock worth $54,000 after buying an additional 246 shares during the last quarter. 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 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.