Wedbush Forecasts Strong Price Appreciation for Apogee Therapeutics (NASDAQ:APGE) Stock

Apogee Therapeutics (NASDAQ:APGE) had its price target lifted by Wedbush from $90.00 to $95.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 31.38% from the company’s current price.

APGE has been the subject of a number of other research reports. BTIG Research set a $137.00 price objective on shares of Apogee Therapeutics in a report on Tuesday, January 6th. Royal Bank Of Canada decreased their target price 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Apogee Therapeutics in a report on Tuesday, December 9th. They set a “buy” rating and a $103.00 price target for the company. UBS Group upgraded Apogee Therapeutics to a “strong-buy” rating in a report on Wednesday, January 7th. Finally, Wolfe Research began coverage on Apogee Therapeutics in a research report on Wednesday, January 7th. They issued a “peer perform” rating for the company. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $104.92.

Apogee Therapeutics Price Performance

APGE stock opened at $72.31 on Tuesday. Apogee Therapeutics has a 1 year low of $26.20 and a 1 year high of $84.56. The firm has a market capitalization of $5.02 billion, a PE ratio of -17.14 and a beta of 1.39. The business has a 50 day simple moving average of $72.61 and a 200-day simple moving average of $60.34.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings data 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. On average, equities research analysts expect that Apogee Therapeutics will post -3.09 EPS for the current year.

Insiders Place Their Bets

In related news, insider Carl Dambkowski sold 18,700 shares of the business’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $77.84, for a total value of $1,455,608.00. Following the sale, the insider owned 212,523 shares in the company, valued at approximately $16,542,790.32. The trade was a 8.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Thomas Henderson sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $75.38, for a total value of $1,507,600.00. Following the transaction, the chief executive officer owned 1,212,987 shares of the company’s stock, valued at $91,434,960.06. This trade represents a 1.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,834,200 shares of company stock worth $139,739,253 over the last ninety days. Corporate insiders own 42.77% of the company’s stock.

Institutional Trading of Apogee Therapeutics

Several hedge funds have recently made changes to their positions in APGE. Wellington Management Group LLP boosted its stake in shares of Apogee Therapeutics by 0.5% in the fourth quarter. Wellington Management Group LLP now owns 4,746,585 shares of the company’s stock valued at $358,272,000 after purchasing an additional 22,884 shares during the period. Vanguard Group Inc. grew its stake in shares of Apogee Therapeutics by 27.3% in the fourth quarter. Vanguard Group Inc. now owns 2,857,824 shares of the company’s stock worth $215,709,000 after acquiring an additional 612,193 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of 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 acquiring an additional 2,731,015 shares in the last quarter. Perceptive Advisors LLC increased its position in shares of Apogee Therapeutics by 72.4% during the fourth quarter. Perceptive Advisors LLC now owns 2,330,651 shares of the company’s stock worth $175,918,000 after acquiring an additional 978,662 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Apogee Therapeutics by 324.4% in the fourth quarter. Janus Henderson Group PLC now owns 2,062,604 shares of the company’s stock valued at $155,697,000 after acquiring an additional 1,576,626 shares in the last quarter. Institutional investors and hedge funds own 79.04% of the company’s stock.

Apogee Therapeutics Company Profile

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.