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

Apogee Therapeutics Inc. (NASDAQ:APGE)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $134.90 and last traded at $134.8220, with a volume of 44640 shares trading hands. The stock had previously closed at $134.57.

Analyst Ratings Changes

APGE has been the topic of a number of recent research reports. Craig Hallum set a $135.11 price target on shares of Apogee Therapeutics and gave the stock a “hold” rating in a research report on Monday, June 22nd. Truist Financial boosted their price objective on shares of Apogee Therapeutics from $81.00 to $135.00 and gave the company a “hold” rating in a report on Thursday, August 13th. Royal Bank Of Canada increased their target price on shares of Apogee Therapeutics from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Monday, June 8th. Stifel Nicolaus restated a “hold” rating and set a $135.00 price objective (up from $133.00) on shares of Apogee Therapeutics in a research note on Wednesday, June 24th. Finally, UBS Group cut shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and boosted their target price for the company from $100.00 to $135.11 in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $124.43.

Apogee Therapeutics Stock Up 0.2%

The firm has a 50 day moving average of $126.44 and a two-hundred day moving average of $94.88. The firm has a market capitalization of $8.38 billion, a price-to-earnings ratio of -31.07 and a beta of 0.35.

Apogee Therapeutics (NASDAQ:APGE) last posted its 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). Sell-side analysts forecast that Apogee Therapeutics Inc. will post -4.47 EPS 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 on 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 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 position. The sale was disclosed in a legal filing with the SEC, which is available at 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 directly owned 179,248 shares of the company’s stock, valued at approximately $23,768,284.80. The trade was 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. Insiders have sold 162,900 shares of company stock valued at $20,344,950 over the last quarter. Company insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Apogee Therapeutics by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company’s stock valued at $921,000 after acquiring an additional 694 shares during the last quarter. Millennium Management LLC increased its holdings in Apogee Therapeutics by 100.0% in the first quarter. Millennium Management LLC now owns 260,335 shares of the company’s stock valued at $9,726,000 after purchasing an additional 130,164 shares during the period. Creative Planning acquired a new stake in Apogee Therapeutics in the second quarter valued at $392,000. Legal & General Group Plc raised its position in Apogee Therapeutics by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 27,689 shares of the company’s stock worth $1,203,000 after purchasing an additional 1,907 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in Apogee Therapeutics by 10,570.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 21,768 shares of the company’s stock worth $945,000 after purchasing an additional 21,564 shares during 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.