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

Apogee Therapeutics Inc. (NASDAQ:APGE) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $133.88 and last traded at $133.82, with a volume of 1009077 shares changing hands. The stock had previously closed at $133.65.

Wall Street Analysts Forecast Growth

APGE has been the topic of several research reports. UBS Group lowered Apogee Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the company from $100.00 to $135.11 in a research report on Tuesday, June 23rd. Rothschild & Co Redburn initiated coverage on Apogee Therapeutics in a research note on Friday, May 1st. They issued a “buy” rating and a $140.00 target price for the company. Royal Bank Of Canada raised their target price on Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Monday, June 8th. The Goldman Sachs Group set a $89.00 price target on Apogee Therapeutics in a research report on Thursday, May 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Apogee Therapeutics in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $121.25.

Apogee Therapeutics Trading Up 0.1%

The business has a 50 day simple moving average of $99.41 and a two-hundred day simple moving average of $84.45. The stock has a market cap of $8.28 billion, a price-to-earnings ratio of -30.91 and a beta of 0.32.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.01. Research analysts anticipate that Apogee Therapeutics Inc. will post -4.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $133.63, for a total value of $2,672,600.00. Following the completion of the sale, the chief executive officer owned 995,987 shares in the company, valued at approximately $133,093,742.81. The trade was a 1.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 5,500 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $132.74, for a total transaction of $730,070.00. Following the completion of the sale, the insider directly owned 177,873 shares in the company, valued at $23,610,862.02. This represents a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 182,900 shares of company stock valued at $21,711,585 in the last three months. Corporate insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. TD Asset Management Inc raised its stake in Apogee Therapeutics by 55.3% during 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. JPMorgan Chase & Co. lifted its holdings in Apogee Therapeutics by 57.9% during the 3rd 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. HighVista Strategies LLC grew its position in shares of Apogee Therapeutics by 137.7% in the 3rd quarter. HighVista Strategies LLC now owns 107,107 shares of the company’s stock worth $4,255,000 after acquiring an additional 62,055 shares in the last quarter. Banque Pictet & Cie SA acquired a new position in shares of Apogee Therapeutics in the 4th quarter worth approximately $3,155,000. Finally, Vanguard Group Inc. increased its holdings in shares of Apogee Therapeutics by 27.3% in the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock valued at $215,709,000 after acquiring an additional 612,193 shares during the last quarter. Institutional investors own 79.04% of the company’s stock.

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.