Apogee Therapeutics (NASDAQ:APGE) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE) saw an uptick in trading volume on Tuesday . 1,804,151 shares were traded during trading, an increase of 7% from the previous session’s volume of 1,692,188 shares.The stock last traded at $132.6650 and had previously closed at $132.61.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Truist Financial cut their target price on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, May 27th. BTIG Research reaffirmed a “buy” rating and issued a $137.00 price target on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Rothschild & Co Redburn began coverage on shares of Apogee Therapeutics in a research report on Friday, May 1st. They issued a “buy” rating and a $140.00 price target on the stock. Royal Bank Of Canada lifted their price objective on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Monday, June 8th. Finally, Mizuho restated a “neutral” rating and set a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Stock Performance

The firm’s 50-day moving average is $91.91 and its 200 day moving average is $81.27. The firm has a market capitalization of $8.22 billion, a P/E ratio of -30.66 and a beta of 0.31.

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

Insider Buying and Selling

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 80,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 1,015,987 shares of the company’s stock, valued at $134,658,916.98. This represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 Apogee Therapeutics stock in a transaction that occurred on 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 in the company, 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 ninety days, insiders have sold 177,400 shares of company stock valued at $19,960,515. Insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. acquired a new position in shares of Apogee Therapeutics during the 4th quarter worth about $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Apogee Therapeutics in the fourth quarter valued at about $37,000. EverSource Wealth Advisors LLC raised its holdings in Apogee Therapeutics by 61.7% during the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock worth $54,000 after acquiring an additional 246 shares in the last quarter. Seven Fleet Capital Management LP bought a new stake in Apogee Therapeutics during the fourth quarter worth about $136,000. Finally, Ensign Peak Advisors Inc bought a new stake in Apogee Therapeutics during the fourth quarter worth about $170,000. 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.