Apogee Therapeutics (NASDAQ:APGE) Hits New 1-Year High – Here’s Why

Apogee Therapeutics Inc. (NASDAQ:APGE) shares reached a new 52-week high during trading on Monday . The stock traded as high as $132.67 and last traded at $132.8380, with a volume of 7539293 shares. The stock had previously closed at $90.38.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on APGE shares. Royal Bank Of Canada increased their price target on Apogee Therapeutics from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Monday, June 8th. BTIG Research reiterated a “buy” rating and issued a $137.00 price target on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Rothschild & Co Redburn assumed coverage on shares of Apogee Therapeutics in a report on Friday, May 1st. They set a “buy” rating and a $140.00 price target for the company. The Goldman Sachs Group set a $89.00 price objective on shares of Apogee Therapeutics in a research report on Thursday, May 28th. Finally, Mizuho lifted their price objective on shares of Apogee Therapeutics from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, March 30th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Apogee Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $114.88.

Apogee Therapeutics Trading Up 46.7%

The firm has a market cap of $8.21 billion, a PE ratio of -30.63 and a beta of 0.62. The business has a fifty day moving average price of $84.90 and a 200 day moving average price of $78.01.

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

Insider Buying and Selling

In related news, insider Carl Dambkowski sold 5,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $78.71, for a total transaction of $432,905.00. Following the transaction, the insider owned 205,648 shares in the company, valued at $16,186,554.08. This trade represents a 2.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 20,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $82.58, for a total value of $1,651,600.00. Following the transaction, the chief executive officer directly owned 1,132,987 shares in the company, valued at approximately $93,562,066.46. This trade represents a 1.73% 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 a total of 76,500 shares of company stock worth $6,323,295 in the last 90 days. 24.30% of the stock is currently owned by company insiders.

Institutional Trading of Apogee Therapeutics

A number of large investors have recently bought and sold shares of APGE. Rockefeller Capital Management L.P. purchased a new stake in shares of Apogee Therapeutics during the fourth quarter worth approximately $25,000. Los Angeles Capital Management LLC purchased a new position in Apogee Therapeutics in the 4th quarter valued at $37,000. EverSource Wealth Advisors LLC increased its stake in Apogee Therapeutics by 61.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 645 shares of the company’s stock valued at $54,000 after buying an additional 246 shares during the period. Quantbot Technologies LP acquired a new position in Apogee Therapeutics in the 3rd quarter valued at $96,000. Finally, Seven Fleet Capital Management LP purchased a new position in Apogee Therapeutics during the 4th quarter worth $136,000. 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.