Apogee Therapeutics (NASDAQ:APGE) Hits New 1-Year High – Still a Buy?

Apogee Therapeutics Inc. (NASDAQ:APGE) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $135.08 and last traded at $135.08, with a volume of 1811684 shares traded. The stock had previously closed at $134.97.

Wall Street Analysts Forecast Growth

APGE has been the subject of several recent research reports. Wedbush downgraded Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 price objective for the company. in a research report on Monday, June 22nd. Mizuho reissued a “neutral” rating and set a $135.00 price objective (up from $110.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft cut shares of 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 report on Monday, June 22nd. Truist Financial lifted their target price on shares of Apogee Therapeutics from $81.00 to $135.00 and gave the stock a “hold” rating in a research note on Thursday, August 13th. Finally, UBS Group lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the company from $100.00 to $135.11 in a report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Apogee Therapeutics has an average rating of “Hold” and an average price target of $126.77.

Apogee Therapeutics Trading Down 0.0%

The company has a market cap of $8.40 billion, a PE ratio of -31.12 and a beta of 0.33. The business has a fifty day moving average of $134.13 and a 200-day moving average of $100.25.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings results on Monday, August 10th. The company reported ($1.14) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.07). As a group, research analysts predict that Apogee Therapeutics Inc. will post -4.47 EPS for the current year.

Insider Buying and Selling

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 sale, the chief executive officer 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 legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Carl Dambkowski sold 26,400 shares of Apogee Therapeutics 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 completion of the sale, the insider owned 179,248 shares in the company, valued at approximately $23,768,284.80. This trade represents a 12.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 157,400 shares of company stock valued at $19,912,045. 24.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of APGE. California State Teachers Retirement System boosted its stake in shares of Apogee Therapeutics by 15,025.8% during the 2nd quarter. California State Teachers Retirement System now owns 5,772,162 shares of the company’s stock valued at $766,139,000 after purchasing an additional 5,734,001 shares in the last quarter. BlackRock Inc. bought a new position in Apogee Therapeutics in the second quarter worth about $730,948,000. T. Rowe Price Investment Management Inc. raised its stake in Apogee Therapeutics by 189,522.2% in 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 buying an additional 2,731,015 shares in the last quarter. Glazer Capital LLC bought a new position in Apogee Therapeutics in the second quarter worth about $217,816,000. Finally, Janus Henderson Group PLC lifted its holdings in Apogee Therapeutics by 324.4% in the fourth 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 during the period. 79.04% of the stock is owned by hedge funds and other 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.