Apogee Therapeutics (NASDAQ:APGE) Sets New 52-Week High – Here’s What Happened

Apogee Therapeutics Inc. (NASDAQ:APGE) shares reached a new 52-week high on Tuesday . The stock traded as high as $133.88 and last traded at $133.82, with a volume of 1009077 shares. The stock had previously closed at $133.65.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on APGE shares. Craig Hallum set a $135.11 target price on shares of Apogee Therapeutics and gave the stock a “hold” rating in a research note on Monday, June 22nd. Citigroup downgraded Apogee Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the stock from $125.00 to $135.00 in a report on Tuesday, June 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Monday, April 20th. Deutsche Bank Aktiengesellschaft cut Apogee Therapeutics from a “buy” rating to a “hold” rating and raised their target price for the stock from $116.00 to $135.00 in a research note on Monday, June 22nd. Finally, Truist Financial lowered their target price on Apogee Therapeutics from $83.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Trading Up 0.2%

The stock’s 50-day moving average price is $101.41 and its 200-day moving average price is $85.24. The company has a market cap of $8.31 billion, a P/E ratio of -31.01 and a beta of 0.32.

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

Insiders Place Their Bets

In related news, CEO Michael Thomas Henderson sold 80,000 shares of Apogee Therapeutics stock in a transaction 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 completion of the sale, the chief executive officer owned 1,015,987 shares of the company’s stock, valued at approximately $134,658,916.98. This trade represents a 7.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of the business’s stock in a transaction 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 sale, the insider owned 179,248 shares of the company’s stock, valued at $23,768,284.80. This trade represents a 12.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 182,900 shares of company stock worth $21,711,585. 24.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in APGE. Rockefeller Capital Management L.P. acquired a new position in Apogee Therapeutics during the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC purchased a new stake in shares of Apogee Therapeutics in the fourth quarter worth approximately $37,000. GAMMA Investing LLC raised its stake in shares of Apogee Therapeutics by 40.5% in the second quarter. GAMMA Investing LLC now owns 309 shares of the company’s stock worth $41,000 after purchasing an additional 89 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings 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 shares of Apogee Therapeutics in the third quarter valued at approximately $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.