Apogee Therapeutics (NASDAQ:APGE) Receives “Neutral” Rating from Citigroup

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “neutral” rating reiterated by research analysts at Citigroup in a research note issued on Tuesday,Benzinga reports. They presently have a $135.00 price target on the stock, up from their previous price target of $125.00. Citigroup’s target price would indicate a potential upside of 1.69% from the company’s previous close.

A number of other analysts also recently issued reports on APGE. Rothschild & Co Redburn started coverage on shares of Apogee Therapeutics in a report on Friday, May 1st. They set a “buy” rating and a $140.00 price target on the stock. Mizuho increased their price target on Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, March 30th. The Goldman Sachs Group set a $89.00 price objective on Apogee Therapeutics in a report on Thursday, May 28th. Wedbush downgraded Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 target price on the stock. in a report on Monday. Finally, Craig Hallum set a $135.11 price target on Apogee Therapeutics and gave the company a “hold” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $119.67.

Apogee Therapeutics Trading Up 0.2%

APGE stock traded up $0.20 during midday trading on Tuesday, hitting $132.75. The company’s stock had a trading volume of 4,143,250 shares, compared to its average volume of 1,510,695. The company has a market cap of $8.22 billion, a PE ratio of -30.66 and a beta of 0.62. Apogee Therapeutics has a 12 month low of $34.34 and a 12 month high of $133.00. The firm’s 50-day moving average is $85.82 and its 200-day moving average is $78.46.

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

Insider Transactions at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 5,500 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total value of $432,905.00. Following the transaction, the insider owned 205,648 shares of the company’s stock, valued at $16,186,554.08. This trade represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $83.38, for a total value of $1,667,600.00. Following the transaction, the chief executive officer directly owned 1,095,987 shares in the company, valued at approximately $91,383,396.06. The trade was a 1.79% 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. In the last 90 days, insiders sold 76,500 shares of company stock valued at $6,323,295. Company insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

A number of hedge funds have recently modified their holdings of APGE. Seven Fleet Capital Management LP raised its position in shares of Apogee Therapeutics by 9.4% during the 1st quarter. Seven Fleet Capital Management LP now owns 1,969 shares of the company’s stock valued at $166,000 after purchasing an additional 169 shares during the period. Glenmede Trust Co. NA raised its holdings in Apogee Therapeutics by 26.9% during 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 period. Bank of America Corp DE lifted its position in shares of Apogee Therapeutics by 13.5% in the first quarter. Bank of America Corp DE now owns 900,871 shares of the company’s stock valued at $75,826,000 after acquiring an additional 107,176 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Apogee Therapeutics by 14.4% in 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 during the period. Finally, EverSource Wealth Advisors LLC boosted its stake 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 period. 79.04% of the stock is currently owned by institutional investors.

Apogee Therapeutics News Summary

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

• Positive Sentiment: AbbVie agreed to acquire Apogee Therapeutics in an all-cash deal worth about $10.9 billion, sending shares higher as investors price in the $135.11 per share payout. Reuters article
• Positive Sentiment: The acquisition gives Apogee shareholders a defined cash value and reflects AbbVie’s interest in Apogee’s immunology and inflammation pipeline, reinforcing the strategic value of the business. WSJ article
• Neutral Sentiment: Canaccord Genuity and Citi both moved to neutral ratings after the deal, which may limit additional upside from the current level. The Fly article
• Negative Sentiment: Several shareholder law firms announced investigations into the transaction, creating potential legal noise around whether the buyout price is fair. PR Newswire article

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 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.