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 . 1,592,995 shares traded hands during trading, an increase of 6% from the previous session’s volume of 1,496,978 shares.The stock last traded at $132.6950 and had previously closed at $132.55.

Key Headlines Impacting Apogee Therapeutics

Here are the key news stories impacting Apogee Therapeutics this week:

• Positive Sentiment: Apogee Therapeutics announced a proposed sale to AbbVie for $135.11 per share in cash, reinforcing the takeover premium and likely supporting the stock price. Article Title
• Neutral Sentiment: Stifel reiterated a hold rating and lifted its price target to $135, suggesting the shares are already close to fair value at the deal price. Article Title
• Neutral Sentiment: Citi downgraded the stock to neutral/hold while also raising its target to $135, reflecting a more cautious stance but still near the acquisition value. Article Title
• Neutral Sentiment: Unusual options activity showed heavy put buying, which may indicate some hedging or concern about deal execution risk. Article Title
• Negative Sentiment: A law firm launched an investigation into the adequacy of the proposed sale price and process, which could add legal overhang and uncertainty around the transaction. Article Title

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Mizuho reaffirmed a “neutral” rating and issued a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday. Truist Financial decreased their price objective 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. Rothschild & Co Redburn assumed coverage on Apogee Therapeutics in a research note on Friday, May 1st. They set a “buy” rating and a $140.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Apogee Therapeutics in a report on Monday, April 20th. Finally, Wedbush downgraded Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 target price for the company. in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Stock Performance

The company’s 50 day simple moving average is $87.67 and its 200-day simple moving average is $79.27. The firm has a market capitalization of $8.21 billion, a PE ratio of -30.64 and a beta of 0.62.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.06) EPS for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.01. On average, equities research analysts forecast that Apogee Therapeutics Inc. will post -4.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 80,000 shares of the business’s 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 completion of the transaction, the chief executive officer directly owned 1,015,987 shares in the company, valued at $134,658,916.98. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the company’s stock in a transaction dated 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 owned 179,248 shares in the company, valued at $23,768,284.80. This 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. Insiders have sold 182,900 shares of company stock valued at $20,427,135 in the last three months. 24.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of APGE. Rockefeller Capital Management L.P. purchased a new stake in Apogee Therapeutics in the fourth quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new position in Apogee Therapeutics in the 4th quarter worth approximately $37,000. EverSource Wealth Advisors LLC increased its holdings in shares of Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock worth $54,000 after buying an additional 246 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Apogee Therapeutics in the 3rd quarter worth $96,000. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Apogee Therapeutics during the 4th quarter valued at $136,000. 79.04% of the stock is currently owned by institutional investors.

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.