Apogee Therapeutics (NASDAQ:APGE) Stock Rating Lowered by Citigroup

Apogee Therapeutics (NASDAQ:APGE) was downgraded by research analysts at Citigroup from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Other research analysts have also issued reports about the company. Wedbush lowered Apogee Therapeutics from an “outperform” rating to a “neutral” rating in a report on Monday. BTIG Research reissued a “buy” rating and set a $137.00 target price on shares of Apogee Therapeutics in a report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and set a $135.00 target price for the company. in a research report on Monday. Mizuho upped their price target on shares of Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Finally, Rothschild & Co Redburn assumed coverage on shares of Apogee Therapeutics in a research report on Friday, May 1st. They set a “buy” rating and a $140.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $118.08.

Apogee Therapeutics Stock Up 46.7%

Shares of NASDAQ:APGE opened at $132.55 on Monday. Apogee Therapeutics has a 12-month low of $34.34 and a 12-month high of $133.00. The business has a 50 day moving average of $85.82 and a 200-day moving average of $78.46. The stock has a market cap of $8.20 billion, a PE ratio of -30.61 and a beta of 0.62.

Apogee Therapeutics (NASDAQ:APGE) last announced its earnings results on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.07) by $0.01. Equities research analysts expect that Apogee Therapeutics will post -4.45 earnings per share for the current year.

Insider Buying and Selling

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $78.71, for a total transaction of $432,905.00. Following the completion of the transaction, the insider directly owned 205,648 shares in the company, valued at $16,186,554.08. The trade was a 2.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $82.58, for a total value of $1,651,600.00. Following the sale, the chief executive officer owned 1,132,987 shares of the company’s stock, valued at $93,562,066.46. The trade was a 1.73% 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 76,500 shares of company stock worth $6,323,295 over the last three months. 24.30% of the stock is currently owned by insiders.

Institutional Trading of Apogee Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of APGE. Seven Fleet Capital Management LP boosted its stake in Apogee Therapeutics by 9.4% in the first quarter. Seven Fleet Capital Management LP now owns 1,969 shares of the company’s stock valued at $166,000 after buying an additional 169 shares in the last quarter. Glenmede Trust Co. NA grew its position in Apogee Therapeutics by 26.9% in the first quarter. Glenmede Trust Co. NA now owns 10,799 shares of the company’s stock valued at $909,000 after acquiring an additional 2,287 shares during the last quarter. Bank of America Corp DE raised its stake in Apogee Therapeutics by 13.5% during the first 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. Janus Henderson Group PLC raised its stake in Apogee Therapeutics by 14.4% during the first quarter. Janus Henderson Group PLC now owns 2,360,596 shares of the company’s stock worth $198,809,000 after acquiring an additional 297,992 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Apogee Therapeutics by 61.7% in the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock worth $54,000 after acquiring an additional 246 shares during the last quarter. 79.04% of the stock is currently owned by institutional investors.

Key Apogee Therapeutics News

Here are the key news stories impacting Apogee Therapeutics this week:

• Positive Sentiment: AbbVie announced a definitive agreement to acquire Apogee Therapeutics in cash, giving shareholders $135.11 per share and creating a clear buyout premium for the stock. AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: The deal strengthens AbbVie’s immunology pipeline by adding Apogee’s clinical-stage therapies for inflammatory diseases, which is supporting investor confidence in the transaction closing. AbbVie to Buy Apogee Therapeutics for $10.9 Billion in Cash
• Positive Sentiment: Several market reports highlighted Apogee as a top premarket mover and noted the stock surged on the acquisition news, reinforcing that the rally is being driven by the buyout announcement. Stocks making the biggest moves premarket: Apogee Therapeutics, SpaceX, Arcosa & more
• Neutral Sentiment: Canaccord Genuity reaffirmed its “hold” rating and raised its price target to $135.11, essentially matching the proposed deal price and suggesting limited upside beyond the acquisition terms. Apogee Therapeutics had its hold rating reaffirmed by Canaccord Genuity Group Inc.
• Negative Sentiment: Law firms have begun investigations into whether Apogee shareholders are receiving a fair price, which could create legal noise around the deal process even though it does not change the announced offer. APGE Stock Alert: Halper Sadeh LLC is Investigating Whether Apogee Therapeutics, Inc. is Obtaining a Fair Price for its Shareholders

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.