Gold has topped $4,200. Here’s why Yardeni thinks the rally could go even higher.
SAN FRANCISCO/BOSTON - Apogee Therapeutics, Inc. (NASDAQ:APGE) announced today it has closed its previously announced public offering, raising approximately $345 million in gross proceeds before deducting underwriting discounts and commissions. The company’s stock has shown remarkable momentum, gaining over 33% in the past week alone, according to InvestingPro data.
The clinical-stage biotechnology company sold 8,048,782 shares of common stock at $41.00 per share, which included the full exercise of the underwriters’ option to purchase an additional 1,097,561 shares. The company also issued pre-funded warrants to purchase up to 365,853 shares at $40.99999 per warrant to certain investors.
The pre-funded warrants have an exercise price of $0.00001 per share and are immediately exercisable, according to the company’s statement.
Jefferies, BofA Securities, Guggenheim Securities and TD Cowen served as joint book-running managers for the offering, while BTIG acted as passive bookrunner.
Apogee Therapeutics focuses on developing biologics for inflammatory and immunology conditions. The company’s lead program, APG777, is being developed for atopic dermatitis treatment.
The offering was made pursuant to an automatically effective shelf registration statement filed with the Securities and Exchange Commission on August 12, 2024, according to the press release statement. The company currently maintains an overall "GOOD" financial health rating according to InvestingPro analysis, despite not being profitable in the last twelve months.
In other recent news, Apogee Therapeutics has successfully raised approximately $323.3 million through a public offering on Nasdaq. The company issued 6,951,221 shares of its common stock at a price of $41.00 per share, alongside pre-funded warrants for 365,853 shares at $40.99999 per warrant. The underwriters exercised their option to purchase an additional 1,097,561 shares, contributing to the total proceeds. This offering is expected to close soon, with the funds supporting Apogee’s ongoing development activities. Additionally, Apogee Therapeutics was initiated at an Outperform rating by RBC Capital, with a price target of $60.00. RBC Capital highlighted Apogee’s promising data in Phase II trials for atopic dermatitis, emphasizing the company’s potential in delivering differentiated biologics. These developments indicate Apogee’s strategic efforts to strengthen its financial position and advance its clinical programs.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.