Apogee Therapeutics (NASDAQ:APGE) Sets New 1-Year High – Time to Buy?

Apogee Therapeutics Inc. (NASDAQ:APGE) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $134.49 and last traded at $134.3160, with a volume of 788 shares traded. The stock had previously closed at $134.23.

Wall Street Analyst Weigh In

APGE has been the subject of a number of analyst reports. Canaccord Genuity Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their price target for the company from $130.00 to $135.11 in a research report on Monday, June 22nd. Stifel Nicolaus restated a “hold” rating and set a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. Guggenheim cut Apogee Therapeutics from a “buy” rating to a “neutral” rating in a report on Tuesday, June 23rd. Craig Hallum set a $135.11 target price on Apogee Therapeutics and gave the company a “hold” rating in a research report on Monday, June 22nd. Finally, Wedbush downgraded Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 target price for the company. in a research report on Monday, June 22nd. 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 assigned a Sell rating to the stock. According to MarketBeat.com, Apogee Therapeutics has a consensus rating of “Hold” and an average price target of $121.25.

Apogee Therapeutics Price Performance

The stock has a 50-day simple moving average of $119.35 and a 200-day simple moving average of $91.88. The stock has a market cap of $8.34 billion, a P/E ratio of -31.14 and a beta of 0.34.

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. As a group, sell-side analysts forecast that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current year.

Insider Activity at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 80,000 shares of the company’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 directly owned 1,015,987 shares in the company, valued at approximately $134,658,916.98. This represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 on Monday, June 22nd. The stock was sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 182,900 shares of company stock valued at $21,986,750. 24.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Apogee Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of APGE. BlackRock Inc. bought a new position in Apogee Therapeutics in the second quarter valued at about $730,948,000. Wellington Management Group LLP grew its holdings in shares of Apogee Therapeutics by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company’s stock worth $358,272,000 after purchasing an additional 22,884 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Apogee Therapeutics by 27.3% during the fourth quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock worth $215,709,000 after purchasing an additional 612,193 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of Apogee Therapeutics by 189,522.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock valued at $206,246,000 after buying an additional 2,731,015 shares during the period. Finally, Janus Henderson Group PLC increased 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 valued at $198,809,000 after buying an additional 297,992 shares during the period. 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.