Apogee Therapeutics (NASDAQ:APGE) Hits New 1-Year High – Should You Buy?

Apogee Therapeutics Inc. (NASDAQ:APGE) reached a new 52-week high during trading on Wednesday . The company traded as high as $86.93 and last traded at $84.87, with a volume of 593 shares changing hands. The stock had previously closed at $84.17.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on APGE shares. Royal Bank Of Canada lowered their price target on shares of Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating for the company in a research report on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Apogee Therapeutics in a report on Wednesday, January 21st. Wall Street Zen downgraded shares of Apogee Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. Craig Hallum reaffirmed a “buy” rating and set a $116.00 target price on shares of Apogee Therapeutics in a research report on Wednesday, January 7th. Finally, Mizuho lifted their price target on Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $110.79.

Apogee Therapeutics Stock Performance

The firm has a market capitalization of $5.90 billion, a P/E ratio of -20.09 and a beta of 1.39. The business’s fifty day moving average price is $70.98 and its two-hundred day moving average price is $65.42.

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

Insider Activity

In related news, Director Fairmount Funds Management Llc sold 1,750,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the transaction, the director directly owned 298,647 shares in the company, valued at $22,786,766.10. The trade was a 85.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,152,987 shares in the company, valued at $86,220,367.86. This represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,839,700 shares of company stock worth $140,118,083. Insiders own 42.77% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its position 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 valued at $358,272,000 after purchasing an additional 22,884 shares during the last quarter. Vanguard Group Inc. grew its position in Apogee Therapeutics by 27.3% during the 4th 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 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 increased its stake in Apogee Therapeutics by 72.4% during 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 in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of 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. Institutional investors and hedge funds 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 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.