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

Apogee Therapeutics Inc. (NASDAQ:APGE)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $86.93 and last traded at $84.87, with a volume of 593 shares. The stock had previously closed at $84.17.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on APGE. Stephens assumed coverage on Apogee Therapeutics in a report on Tuesday, December 16th. They set an “overweight” rating and a $95.00 price target on the stock. UBS Group upgraded shares of Apogee Therapeutics to a “strong-buy” rating in a research report on Wednesday, January 7th. Wedbush increased their target price on shares of Apogee Therapeutics from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Truist Financial started coverage on shares of Apogee Therapeutics in a report on Tuesday, March 17th. They issued a “hold” rating and a $83.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Apogee Therapeutics in a report on Tuesday, December 9th. They set a “buy” rating and a $103.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $110.79.

Apogee Therapeutics Stock Performance

The stock has a fifty day moving average of $70.98 and a 200-day moving average of $65.42. The company has a market cap of $5.90 billion, a PE ratio of -20.09 and a beta of 1.39.

Apogee Therapeutics (NASDAQ:APGE) last released its earnings results on Monday, March 2nd. The company reported ($1.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.02. As a group, equities analysts anticipate that Apogee Therapeutics Inc. will post -3.09 EPS for the current fiscal year.

Insider Activity at Apogee Therapeutics

In other news, Director Fairmount Funds Management Llc sold 1,750,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the transaction, the director directly owned 298,647 shares of the company’s stock, valued at approximately $22,786,766.10. This trade represents a 85.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $74.78, for a total transaction of $1,495,600.00. Following the sale, the chief executive officer directly owned 1,152,987 shares of the company’s stock, valued at $86,220,367.86. This represents a 1.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,839,700 shares of company stock worth $140,118,083 in the last 90 days. 42.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. purchased a new stake in shares of Apogee Therapeutics in the 4th quarter worth $25,000. ANTIPODES PARTNERS Ltd increased its stake in shares of Apogee Therapeutics by 41.2% during the third quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company’s stock valued at $33,000 after buying an additional 246 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Apogee Therapeutics in the fourth quarter valued at about $37,000. Quantbot Technologies LP bought a new stake in shares of Apogee Therapeutics in the third quarter valued at about $96,000. Finally, Seven Fleet Capital Management LP purchased a new stake in Apogee Therapeutics in the fourth quarter worth about $136,000. 79.04% of the stock is currently owned by hedge funds and other 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 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.