Apogee Therapeutics (NASDAQ:APGE) Lowered to Neutral Rating by BTIG Research

Apogee Therapeutics (NASDAQ:APGE) was downgraded by equities researchers at BTIG Research from a “buy” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat Ratings reports.

Other equities analysts also recently issued reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Apogee Therapeutics in a report on Friday, July 17th. Craig Hallum set a $135.11 price target on shares of Apogee Therapeutics and gave the company a “hold” rating in a research note on Monday, June 22nd. UBS Group downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $100.00 to $135.11 in a research report on Tuesday, June 23rd. Citigroup lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $125.00 to $135.00 in a research note on Tuesday, June 23rd. Finally, Royal Bank Of Canada upped their target price on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, sixteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $121.25.

Apogee Therapeutics Stock Up 0.0%

APGE stock opened at $134.69 on Wednesday. The business has a 50 day moving average price of $121.58 and a two-hundred day moving average price of $92.70. The company has a market cap of $8.33 billion, a price-to-earnings ratio of -31.03 and a beta of 0.35. Apogee Therapeutics has a twelve month low of $34.58 and a twelve month high of $134.88.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings results on Monday, August 10th. The company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of ($1.07) by ($0.07). On average, equities research analysts anticipate that Apogee Therapeutics will post -4.45 EPS for the current fiscal year.

Insider Buying and Selling at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $132.60, for a total transaction of $3,500,640.00. Following the completion of the sale, the insider owned 179,248 shares of the company’s stock, valued at approximately $23,768,284.80. The trade was a 12.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of Apogee Therapeutics stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $132.54, for a total transaction of $10,603,200.00. Following the sale, the chief executive officer directly owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. The trade was a 7.30% decrease in their position. 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. Over the last quarter, insiders sold 162,900 shares of company stock worth $20,344,950. Corporate insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Several hedge funds have recently bought and sold shares of APGE. Rockefeller Capital Management L.P. bought a new stake in shares of Apogee Therapeutics during the fourth quarter worth approximately $25,000. Los Angeles Capital Management LLC bought a new position in shares of Apogee Therapeutics during the fourth quarter worth approximately $37,000. GAMMA Investing LLC lifted its holdings in Apogee Therapeutics by 40.5% during the 2nd quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock worth $41,000 after purchasing an additional 89 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Apogee Therapeutics by 61.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock worth $54,000 after purchasing an additional 246 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC bought a new stake in Apogee Therapeutics in the 2nd quarter valued at $81,000. 79.04% of the stock is currently owned by institutional investors and hedge funds.

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 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.