Apogee Therapeutics (NASDAQ:APGE) Sets New 1-Year High – Time to Buy?

Apogee Therapeutics Inc. (NASDAQ:APGE) shares reached a new 52-week high on Thursday . The company traded as high as $85.04 and last traded at $78.53, with a volume of 3533056 shares. The stock had previously closed at $73.00.

Wall Street Analyst Weigh In

APGE has been the subject of a number of analyst reports. Wolfe Research began coverage on Apogee Therapeutics in a research report on Wednesday, January 7th. They issued a “peer perform” rating for the company. UBS Group upgraded Apogee Therapeutics to a “strong-buy” rating in a research report on Wednesday, January 7th. Canaccord Genuity Group boosted their price objective on Apogee Therapeutics from $89.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday. Royal Bank Of Canada dropped their target price on Apogee Therapeutics from $83.00 to $82.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Finally, Stephens assumed coverage on Apogee Therapeutics in a research note on Tuesday, December 16th. They issued an “overweight” rating and a $95.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Apogee Therapeutics has an average rating of “Moderate Buy” and an average price target of $110.43.

Apogee Therapeutics Trading Down 0.8%

The firm’s fifty day simple moving average is $70.98 and its two-hundred day simple moving average is $64.42. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of -18.44 and a beta of 1.39.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings results on Monday, March 2nd. The company reported ($1.03) EPS for the quarter, beating the consensus estimate of ($1.05) by $0.02. As a group, analysts forecast that Apogee Therapeutics Inc. will post -3.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $71.06, for a total transaction of $390,830.00. Following the completion of the transaction, the insider directly owned 209,773 shares in the company, valued at approximately $14,906,469.38. This represents a 2.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Fairmount Funds Management Llc sold 1,750,000 shares of the business’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $76.30, for a total transaction of $133,525,000.00. Following the completion of the sale, the director owned 298,647 shares in the company, valued at approximately $22,786,766.10. This trade represents a 85.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,839,700 shares of company stock valued at $140,118,083 over the last quarter. 42.77% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. purchased a new stake in shares of Apogee Therapeutics in the 4th quarter valued at $25,000. Avoro Capital Advisors LLC purchased a new position in Apogee Therapeutics during the 4th quarter valued at about $37,740,000. Seven Fleet Capital Management LP purchased a new position in Apogee Therapeutics during the 4th quarter valued at about $136,000. T. Rowe Price Investment Management Inc. lifted its position in shares of Apogee Therapeutics by 189,522.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,732,456 shares of the company’s stock worth $206,246,000 after purchasing an additional 2,731,015 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Apogee Therapeutics by 142.6% in the fourth quarter. Invesco Ltd. now owns 70,687 shares of the company’s stock valued at $5,335,000 after purchasing an additional 41,549 shares in the last quarter. Hedge funds and other institutional investors 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.