Apogee Therapeutics (NASDAQ:APGE) Reaches New 52-Week High – Here’s Why

Apogee Therapeutics Inc. (NASDAQ:APGE)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $133.87 and last traded at $133.54, with a volume of 1054062 shares trading hands. The stock had previously closed at $133.50.

Analysts Set New Price Targets

APGE has been the subject of a number of research analyst reports. Wedbush downgraded Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 price target for the company. in a report on Monday, June 22nd. Deutsche Bank Aktiengesellschaft cut Apogee Therapeutics from a “buy” rating to a “hold” rating and raised their price objective for the stock from $116.00 to $135.00 in a research note on Monday, June 22nd. Royal Bank Of Canada boosted their target price on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Monday, June 8th. TD Cowen cut shares of Apogee Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Finally, Stifel Nicolaus restated a “hold” rating and issued a $135.00 price target (up from $133.00) on shares of Apogee Therapeutics in a research report on Wednesday, June 24th. One 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 company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Price Performance

The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of -30.84 and a beta of 0.32. The company has a 50-day simple moving average of $95.46 and a two-hundred day simple moving average of $82.88.

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

Insider Activity

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $132.54, for a total value of $10,603,200.00. Following the sale, the chief executive officer owned 1,015,987 shares in the company, valued at approximately $134,658,916.98. This trade represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $132.60, for a total value of $3,500,640.00. Following the completion of the transaction, the insider directly 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 162,900 shares of company stock valued at $19,038,985. 24.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Apogee Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. boosted its stake in Apogee Therapeutics by 189,522.2% during 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 in the last quarter. Janus Henderson Group PLC grew its position in Apogee Therapeutics by 324.4% in the fourth quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company’s stock worth $155,697,000 after buying an additional 1,576,626 shares during the last quarter. Perceptive Advisors LLC increased its holdings in shares of Apogee Therapeutics by 72.4% in the fourth quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock valued at $175,918,000 after buying an additional 978,662 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Apogee Therapeutics by 24.1% in the third quarter. Wellington Management Group LLP now owns 4,723,701 shares of the company’s stock valued at $187,673,000 after buying an additional 917,991 shares in the last quarter. Finally, UBS Group AG lifted its position in shares of Apogee Therapeutics by 646.1% during the 3rd quarter. UBS Group AG now owns 799,465 shares of the company’s stock valued at $31,763,000 after acquiring an additional 692,308 shares during the last quarter. Institutional investors 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.