Apogee Therapeutics (NASDAQ:APGE) Reaches New 12-Month High – Time to Buy?

Apogee Therapeutics Inc. (NASDAQ:APGE) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $133.85 and last traded at $132.8250, with a volume of 120634 shares. The stock had previously closed at $132.77.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on APGE. Wedbush cut Apogee Therapeutics from an “outperform” rating to a “neutral” rating and set a $135.00 price objective on the stock. in a report on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Apogee Therapeutics in a research note on Monday, April 20th. BTIG Research reiterated a “buy” rating and set a $137.00 price target on shares of Apogee Therapeutics in a research report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their price target for the stock from $116.00 to $135.00 in a research note on Monday, June 22nd. Finally, TD Cowen lowered shares of Apogee Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Stock Performance

The firm has a market cap of $8.23 billion, a PE ratio of -30.70 and a beta of 0.32. The company’s 50-day simple moving average is $93.59 and its two-hundred day simple moving average is $82.02.

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

Insider Activity

In other news, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $132.74, for a total transaction of $730,070.00. Following the transaction, the insider directly owned 177,873 shares of the company’s stock, valued at approximately $23,610,862.02. The trade was a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Thomas Henderson sold 80,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 1,015,987 shares in the company, valued at $134,658,916.98. This trade represents a 7.30% decrease in their ownership of the stock. 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 sold 182,900 shares of company stock worth $20,690,585 over the last three months. 24.30% of the stock is owned by insiders.

Institutional Trading of Apogee Therapeutics

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