Apogee Therapeutics (NASDAQ:APGE) Sets New 52-Week High – Here’s Why

Apogee Therapeutics Inc. (NASDAQ:APGE) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $133.87 and last traded at $133.54, with a volume of 1054062 shares changing hands. The stock had previously closed at $133.50.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on APGE. Mizuho reiterated a “neutral” rating and issued a $135.00 target price (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Royal Bank Of Canada boosted their price target on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Monday, June 8th. Guggenheim cut shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 23rd. BTIG Research reaffirmed a “buy” rating and set a $137.00 price objective on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Finally, Deutsche Bank Aktiengesellschaft lowered Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their target price for the stock from $116.00 to $135.00 in a report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $121.25.

Apogee Therapeutics Trading Up 0.2%

The firm’s 50 day simple moving average is $97.36 and its 200-day simple moving average is $83.66. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of -30.85 and a beta of 0.32.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.06) EPS for the quarter, topping analysts’ consensus estimates of ($1.07) by $0.01. As a group, 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, CEO Michael Thomas Henderson sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $132.54, for a total value of $10,603,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,015,987 shares in the company, valued at $134,658,916.98. This trade represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 company’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 value of $3,500,640.00. Following the sale, the insider owned 179,248 shares in the company, valued at approximately $23,768,284.80. This represents a 12.84% 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 have sold 162,900 shares of company stock valued at $19,038,985 over the last three months. Insiders own 24.30% of the company’s stock.

Institutional Trading of Apogee Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in shares of Apogee Therapeutics by 40.5% during the 2nd quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock worth $41,000 after purchasing an additional 89 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Apogee Therapeutics by 2.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,151 shares of the company’s stock valued at $540,000 after purchasing an additional 152 shares during the last quarter. Seven Fleet Capital Management LP lifted its stake in Apogee Therapeutics by 9.4% in the 1st 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 during the last quarter. Stifel Financial Corp grew its holdings in 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. Finally, EverSource Wealth Advisors LLC grew its holdings in Apogee Therapeutics by 61.7% during the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock worth $54,000 after purchasing an additional 246 shares during the period. Institutional investors and hedge funds 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 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.