Apogee Therapeutics’ (APGE) Buy Rating Reiterated at BTIG Research

BTIG Research reaffirmed their buy rating on shares of Apogee Therapeutics (NASDAQ:APGE) in a report released on Monday morning,Benzinga reports. The brokerage currently has a $137.00 price target on the stock.

Other equities research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft started coverage on Apogee Therapeutics in a report on Tuesday, December 9th. They set a “buy” rating and a $103.00 price objective for the company. UBS Group raised shares of Apogee Therapeutics to a “strong-buy” rating in a research report on Wednesday, January 7th. Wolfe Research assumed coverage on shares of Apogee Therapeutics in a research note on Wednesday, January 7th. They set a “peer perform” rating for the company. Royal Bank Of Canada lowered their price objective on shares of Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating on the stock in a report on Monday, March 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Apogee Therapeutics in a research note on Wednesday, January 21st. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $103.92.

Apogee Therapeutics Price Performance

Shares of APGE opened at $66.77 on Monday. Apogee Therapeutics has a one year low of $26.20 and a one year high of $84.56. The company has a market cap of $4.64 billion, a PE ratio of -15.82 and a beta of 1.39. The stock has a 50-day moving average of $71.67 and a 200-day moving average of $62.80.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings results on Monday, March 2nd. The company reported ($1.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.02. Analysts expect that Apogee Therapeutics will post -3.09 EPS for the current fiscal year.

Insider Activity at Apogee Therapeutics

In other Apogee Therapeutics news, Director Fairmount Funds Management Llc sold 1,750,000 shares of the firm’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 approximately $22,786,766.10. This trade represents a 85.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $74.78, for a total transaction 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 SEC filing for this sale provides additional information. Insiders have sold a total of 1,839,700 shares of company stock valued at $140,118,083 over the last 90 days. Insiders own 42.77% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in APGE. Wellington Management Group LLP boosted its holdings in Apogee Therapeutics by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company’s stock worth $358,272,000 after purchasing an additional 22,884 shares during the last quarter. Vanguard Group Inc. increased its stake in Apogee Therapeutics by 27.3% in the 4th quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock valued at $215,709,000 after buying 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% in 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 buying an additional 2,731,015 shares during the last quarter. Perceptive Advisors LLC lifted its position in shares of Apogee Therapeutics by 72.4% during the 4th quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock worth $175,918,000 after buying an additional 978,662 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Apogee Therapeutics by 324.4% during the 4th 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 in the last quarter. 79.04% of the stock is 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.