Apogee Therapeutics (NASDAQ:APGE) Sets New 12-Month High – What’s Next?

Apogee Therapeutics Inc. (NASDAQ:APGE)’s share price hit a new 52-week high on Wednesday . The company traded as high as $134.88 and last traded at $134.8790, with a volume of 648357 shares. The stock had previously closed at $134.85.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on APGE. Canaccord Genuity Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and boosted their target price for the stock from $130.00 to $135.11 in a research report on Monday, June 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Friday, July 17th. UBS Group cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and raised their target price for the company from $100.00 to $135.11 in a research note on Tuesday, June 23rd. Citigroup cut Apogee Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the company from $125.00 to $135.00 in a report on Tuesday, June 23rd. Finally, Craig Hallum set a $135.11 target price on shares of Apogee Therapeutics and gave the stock a “hold” rating in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $124.43.

Apogee Therapeutics Stock Performance

The company has a market capitalization of $8.39 billion, a PE ratio of -31.08 and a beta of 0.34. The stock has a 50 day moving average price of $131.28 and a two-hundred day moving average price of $97.27.

Apogee Therapeutics (NASDAQ:APGE) last posted its earnings results on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.07). Sell-side analysts predict that Apogee Therapeutics Inc. will post -4.47 earnings per share for the current year.

Insider Buying and Selling at Apogee Therapeutics

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 80,000 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the completion of the transaction, the chief executive officer owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. The trade was a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 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 sale, the insider owned 179,248 shares of the company’s stock, valued at $23,768,284.80. This trade represents a 12.84% 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 sold a total of 162,900 shares of company stock worth $20,344,950 in the last quarter. Insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its position in Apogee Therapeutics by 40.5% in 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. Rockefeller Capital Management L.P. bought a new stake in shares of Apogee Therapeutics in the 4th quarter worth approximately $25,000. Los Angeles Capital Management LLC bought a new stake in shares of Apogee Therapeutics in the 4th quarter worth approximately $37,000. Longfellow Investment Management Co. LLC acquired a new stake in shares of Apogee Therapeutics during the 2nd quarter worth approximately $81,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Apogee Therapeutics by 61.7% during the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after purchasing an additional 246 shares during the period. 79.04% of the stock is owned by institutional investors.

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 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.