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

Apogee Therapeutics Inc. (NASDAQ:APGE)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $133.87 and last traded at $133.54, with a volume of 1054062 shares trading hands. The stock had previously closed at $133.50.

Analyst Ratings Changes

A number of equities analysts recently weighed in on APGE shares. BTIG Research reissued a “buy” rating and issued a $137.00 price target on shares of Apogee Therapeutics in a research note on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft downgraded shares of Apogee Therapeutics from a “buy” rating to a “hold” rating and lifted their target price for the stock from $116.00 to $135.00 in a research report on Monday, June 22nd. Mizuho restated a “neutral” rating and set a $135.00 price target (up from $110.00) on shares of Apogee Therapeutics in a report on Wednesday, June 24th. Citigroup downgraded shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the company from $125.00 to $135.00 in a research report on Tuesday, June 23rd. Finally, Guggenheim lowered shares of Apogee Therapeutics from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $121.25.

Apogee Therapeutics Trading Up 0.0%

The business has a fifty day moving average price of $95.46 and a two-hundred day moving average price of $82.88. The company has a market cap of $8.27 billion, a price-to-earnings ratio of -30.84 and a beta of 0.32.

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

Insiders Place Their Bets

In other news, insider Carl Dambkowski sold 5,500 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were 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 in the company, valued at $23,610,862.02. The trade was a 3.00% decrease in their position. 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, CEO Michael Thomas Henderson sold 80,000 shares of the company’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 completion of 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 162,900 shares of company stock valued at $19,038,985 in the last three months. Company insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. TD Asset Management Inc boosted its holdings in Apogee Therapeutics by 55.3% during the fourth quarter. TD Asset Management Inc now owns 129,290 shares of the company’s stock valued at $9,759,000 after acquiring an additional 46,050 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Apogee Therapeutics by 57.9% in the third quarter. JPMorgan Chase & Co. now owns 1,137,731 shares of the company’s stock worth $45,202,000 after purchasing an additional 417,161 shares during the period. Boxer Capital Management LLC acquired a new position in shares of Apogee Therapeutics during the 3rd quarter worth about $1,986,000. HighVista Strategies LLC lifted its position in shares of Apogee Therapeutics by 137.7% during the 3rd quarter. HighVista Strategies LLC now owns 107,107 shares of the company’s stock worth $4,255,000 after purchasing an additional 62,055 shares during the last quarter. Finally, Banque Pictet & Cie SA bought a new stake in Apogee Therapeutics during the 4th quarter valued at approximately $3,155,000. 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.