Apogee Therapeutics falls after $300 mln stock offering priced

Apogee Therapeutics

09/10/2025 13:01

** Shares of Apogee Therapeutics APGE.O down 9.1% premarket to $42.95 after $300 mln overnight follow-on offering priced

** Waltham, Massachusetts-based biotech focused on inflammatory and immunology markets late Weds sold ~7.3 mln shares, including 365,853 pre-funded warrants

** Offering price of $41 is a 13.2% discount to stock's last sale on Weds

** Co plans to use net offering proceeds to fund preclinical studies, clinical trials, manufacturing, and commercial readiness activities in support of its antibody programs, among other purposes

** Jefferies, BofA, Guggenheim, TD Cowen, and BTIG are joint bookrunners

** With ~59.6 mln shares outstanding, APGE has $2.8 bln market cap

** Shares on Weds rose nearly 19%, putting them up 4% YTD

** All 9 analysts covering the stock are bullish, including 6 "strong buy" ratings; median PT is $95, per latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))