Apogee Therapeutics (NASDAQ:APGE) Price Target Raised to $160.00

Apogee Therapeutics (NASDAQ:APGE) had its price objective raised by Guggenheim from $130.00 to $160.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Apogee Therapeutics in a research report on Tuesday, December 9th. They set a “buy” rating and a $103.00 price target for the company. Royal Bank Of Canada reduced their price objective on Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Wedbush upped their target price on Apogee Therapeutics from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Wall Street Zen lowered Apogee Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $95.00 target price on shares of Apogee Therapeutics in a report on Monday, February 2nd. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $110.43.

Apogee Therapeutics Stock Performance

NASDAQ APGE opened at $78.42 on Tuesday. Apogee Therapeutics has a one year low of $26.20 and a one year high of $85.04. The company’s 50 day moving average price is $71.04 and its 200 day moving average price is $64.15. The firm has a market capitalization of $5.45 billion, a price-to-earnings ratio of -18.58 and a beta of 1.39.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings data on Monday, March 2nd. The company reported ($1.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.02. Sell-side analysts forecast that Apogee Therapeutics will post -3.09 EPS for the current fiscal year.

Insider Activity

In related news, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $71.06, for a total value of $390,830.00. Following the completion of the transaction, the insider owned 209,773 shares of the company’s stock, valued at approximately $14,906,469.38. This represents a 2.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 value of $133,525,000.00. Following the sale, the director 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 position. The SEC filing for this sale provides additional information. Insiders sold 1,839,700 shares of company stock worth $140,118,083 over the last ninety days. Corporate insiders own 42.77% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

A number of institutional investors have recently made changes to their positions in APGE. JPMorgan Chase & Co. increased its stake in shares of Apogee Therapeutics by 57.9% in the third quarter. JPMorgan Chase & Co. now owns 1,137,731 shares of the company’s stock worth $45,202,000 after buying an additional 417,161 shares during the last quarter. Exane Asset Management bought a new position in Apogee Therapeutics during the 3rd quarter valued at $2,048,000. Rafferty Asset Management LLC boosted its stake in Apogee Therapeutics by 55.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 65,796 shares of the company’s stock valued at $2,614,000 after acquiring an additional 23,585 shares during the last quarter. Boxer Capital Management LLC acquired a new position in Apogee Therapeutics during the 3rd quarter worth $1,986,000. Finally, SG Americas Securities LLC acquired a new position in Apogee Therapeutics during the 3rd quarter worth $5,333,000. 79.04% of the stock is owned by institutional investors and hedge funds.

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.