Apogee Therapeutics dips after announcing planned $300 mln stock sale

Jefferies Financial

23/03/2026 20:19

** Apogee Therapeutics APGE.O shares down 1.2% in extended trading to $78.281 as it seeks equity raise

** Waltham, Massachusetts-based APGE commences $300 mln stock offering

** 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

** APGE shares finished up 20% at $79.24 after co's eczema drug, zumilokibart, showed in mid-stage trial lasting benefit in people with moderate-to-severe atopic dermatitis, a chronic skin condition causing an itchy rash

** Jefferies, TD Cowen, Stifel and Guggenheim Secs joint bookrunners for planned offering

** At Mon close, shares up 5% YTD and have doubled over the past 12 months

** Co has ~69.5 mln shares outstanding for $5.5 bln market cap

** Avg rating among 17 analysts is "buy"; median PT of $114 up from $97.50 a month ago, per LSEG

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

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