BTIG Research Reiterates “Buy” Rating for Apogee Therapeutics (NASDAQ:APGE)

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “buy” rating reiterated by investment analysts at BTIG Research in a research note issued to investors on Monday,Benzinga reports. They presently have a $137.00 price target on the stock. BTIG Research’s target price points to a potential upside of 90.54% from the stock’s current price.

A number of other research analysts have also commented on the stock. Citigroup reaffirmed a “buy” rating on shares of Apogee Therapeutics in a research report on Sunday, January 25th. Royal Bank Of Canada decreased their target price on Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating on the stock in a research report on Monday, March 2nd. Stifel Nicolaus set a $133.00 price target on Apogee Therapeutics in a report on Tuesday, January 6th. Stephens assumed coverage on Apogee Therapeutics in a research report on Tuesday, December 16th. They issued an “overweight” rating and a $95.00 price objective for the company. Finally, Wall Street Zen cut Apogee Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Apogee Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $105.82.

Apogee Therapeutics Trading Down 2.2%

Apogee Therapeutics stock opened at $71.90 on Monday. The company has a market capitalization of $5.00 billion, a P/E ratio of -17.04 and a beta of 1.39. Apogee Therapeutics has a 1-year low of $26.20 and a 1-year high of $84.56. The firm’s fifty day simple moving average is $72.21 and its 200-day simple moving average is $62.30.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings results on Monday, March 2nd. The company reported ($1.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.02. On average, equities research analysts predict that Apogee Therapeutics will post -3.09 earnings per share for the current year.

Insider Activity

In other news, CEO Michael Thomas Henderson sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $74.78, for a total value of $1,495,600.00. Following the sale, the chief executive officer owned 1,152,987 shares in the company, valued at approximately $86,220,367.86. The trade was a 1.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Carl Dambkowski sold 5,500 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $71.06, for a total transaction of $390,830.00. Following the completion of the sale, the insider directly owned 209,773 shares in the company, valued at approximately $14,906,469.38. The trade was a 2.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,839,700 shares of company stock worth $140,118,083. Corporate insiders own 42.77% of the company’s stock.

Institutional Trading of Apogee Therapeutics

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of Apogee Therapeutics by 0.5% in the 4th quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company’s stock worth $358,272,000 after acquiring an additional 22,884 shares in the last quarter. Vanguard Group Inc. increased its holdings in Apogee Therapeutics by 27.3% during the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock valued at $215,709,000 after purchasing an additional 612,193 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Apogee Therapeutics by 189,522.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock valued at $206,246,000 after purchasing an additional 2,731,015 shares in the last quarter. Perceptive Advisors LLC raised its position in Apogee Therapeutics by 72.4% in the 4th quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock valued at $175,918,000 after purchasing an additional 978,662 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Apogee Therapeutics by 324.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company’s stock worth $155,697,000 after purchasing an additional 1,576,626 shares during the last quarter. Institutional investors and hedge funds own 79.04% of the company’s stock.

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.