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

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “buy” rating reissued by equities research analysts at BTIG Research in a note issued to investors on Wednesday,Benzinga reports. They presently have a $137.00 price target on the stock. BTIG Research’s price target points to a potential upside of 71.32% from the stock’s previous close.

APGE has been the topic of several other research reports. Wedbush boosted their target price on Apogee Therapeutics from $120.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday. Citigroup lifted their price target on Apogee Therapeutics from $95.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Royal Bank Of Canada dropped their price objective on Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Guggenheim upped their price objective on Apogee Therapeutics from $130.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Finally, Mizuho raised their target price on Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $115.40.

Apogee Therapeutics Stock Performance

Shares of Apogee Therapeutics stock traded down $2.84 on Wednesday, reaching $79.97. 2,642,210 shares of the company were exchanged, compared to its average volume of 936,907. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of -18.40 and a beta of 0.69. Apogee Therapeutics has a 1-year low of $34.34 and a 1-year high of $95.32. The company’s 50-day moving average is $82.28 and its two-hundred day moving average is $75.46.

Apogee Therapeutics (NASDAQ:APGE) last issued its quarterly earnings data on Monday, May 11th. The company reported ($1.06) earnings per share for the quarter, beating the consensus estimate of ($1.07) by $0.01. As a group, sell-side analysts forecast that Apogee Therapeutics will post -4.48 earnings per share for the current year.

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $84.14, for a total value of $462,770.00. Following the completion of the sale, the insider directly owned 207,023 shares in the company, valued at $17,418,915.22. The trade was a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $82.09, for a total transaction of $1,641,800.00. Following the completion of the sale, the chief executive officer owned 1,115,987 shares of the company’s stock, valued at $91,611,372.83. This represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 76,500 shares of company stock valued at $6,109,220 in the last three months. Company insiders own 24.30% of the company’s stock.

Institutional Trading of Apogee Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APGE. Rockefeller Capital Management L.P. acquired a new stake in Apogee Therapeutics in the 4th quarter worth $25,000. ANTIPODES PARTNERS Ltd increased its position in shares of Apogee Therapeutics by 41.2% during the third quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company’s stock valued at $33,000 after purchasing an additional 246 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Apogee Therapeutics during the fourth quarter valued at approximately $37,000. EverSource Wealth Advisors LLC raised its stake in shares of Apogee Therapeutics by 61.7% in the first quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after purchasing an additional 246 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in Apogee Therapeutics in the third quarter worth $96,000. 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.