Apogee Therapeutics (NASDAQ:APGE) Cut to Neutral at BTIG Research

BTIG Research cut shares of Apogee Therapeutics (NASDAQ:APGE) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat reports.

Other equities research analysts have also issued research reports about the stock. UBS Group lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $100.00 to $135.11 in a report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and boosted their target price for the company from $116.00 to $135.00 in a report on Monday, June 22nd. Guggenheim downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a report on Tuesday, June 23rd. TD Cowen lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Finally, Craig Hallum set a $135.11 price objective on Apogee Therapeutics and gave the company a “hold” rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $124.43.

Apogee Therapeutics Price Performance

APGE opened at $134.55 on Wednesday. The company’s 50 day simple moving average is $124.42 and its two-hundred day simple moving average is $93.83. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of -31.00 and a beta of 0.34. Apogee Therapeutics has a 1-year low of $35.39 and a 1-year high of $134.88.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings data on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.07). On average, equities analysts anticipate that Apogee Therapeutics will post -4.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Thomas Henderson sold 80,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total value 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 approximately $134,658,916.98. This trade represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics 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 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. Over the last quarter, insiders sold 162,900 shares of company stock worth $20,344,950. 24.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Apogee Therapeutics

A number of large investors have recently modified their holdings of APGE. TD Asset Management Inc increased its holdings in Apogee Therapeutics by 55.3% in the fourth quarter. TD Asset Management Inc now owns 129,290 shares of the company’s stock valued at $9,759,000 after buying an additional 46,050 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Apogee Therapeutics by 27.3% during the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock worth $215,709,000 after acquiring an additional 612,193 shares in the last quarter. Pictet Asset Management Holding SA purchased a new stake in shares of Apogee Therapeutics during the 4th quarter worth approximately $23,616,000. Bank of America Corp DE boosted its stake in shares of Apogee Therapeutics by 13.5% during the 1st quarter. Bank of America Corp DE now owns 900,871 shares of the company’s stock worth $75,826,000 after acquiring an additional 107,176 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Apogee Therapeutics by 18.7% in the 4th quarter. Geode Capital Management LLC now owns 1,059,085 shares of the company’s stock worth $79,957,000 after acquiring an additional 166,882 shares during the period. 79.04% of the stock is 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.