Apogee Therapeutics, Inc. (APGE) Stock

Apogee Therapeutics, Inc. (APGE) is a Healthcare stock trading at $134.78 (as of 2026-08-20), with a market capitalization of $10.15B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Apogee Therapeutics, Inc. is a biotechnology company developing biologic therapies for atopic dermatitis and chronic obstructive pulmonary disease, along with related inflammatory and immunology indications. Its pipeline includes APG777 for atopic dermatitis and APG808 for COPD, both designed as subcutaneous, extended half-life monoclonal antibodies.

Understand Apogee Therapeutics, Inc.: how it makes money

Apogee Therapeutics develops biologic medicines, mainly subcutaneous, extended half-life monoclonal antibodies for atopic dermatitis (APG777) and chronic obstructive pulmonary disease (APG808), and also has earlier-stage programs including APG990 and APG222.

Profit potential is tied to how APG777 and APG808 perform in clinical development, since the company’s publicly visible value drivers are trial enrollment and clinical endpoint achievements (including durability and inhibition targets).

Business quality (Weak): Clear focus on AD and COPD biologics with multiple clinical endpoints reported, but the latest quarter shows no reported revenue and a very large operating loss.

Bull case

Clinical program activity: In APEX Part B, adult patients were dosed (APEX Part B Adult Patients Dosed, 346.0 count), and both Part B randomized patients and Part A maintenance dosing were evaluated (APEX Part B Randomized Patients, 347.0 count, and APEX Part A Maintenance Dose Evaluated, 360.0 count).
Efficacy and durability signals for AD endpoints: Reported achievement levels include Eczema Area and Severity Index 75 at Week 16 (65.9 percent) and maintenance at Week 52 with dosing every 3 months (75.0 percent) and every 6 months (85.0 percent).
Target biology inhibition reported: Interleukin 13 inhibition is reported at 99.0 percent.

Bear case

Material operating losses: For the quarter ended 2026-03-31, operating margin is reported as -947.0% (with revenue reported as 0.0B).
Validation across endpoints and time is critical: Many reported metrics are specific clinical endpoint measures at defined weeks (for example, Week 16 and Week 52), and future stages can change the overall risk if later results do not confirm these measures.
No reportable revenue segment breakdown provided: There is no clean, official segment revenue breakdown available here, which limits visibility into any product-level monetization pathway.

Valuation — source: SEC EDGAR (first-party)
Price	$134.78
Market Cap	$10.15B
Price / Sales	285.18
FCF Yield	-1.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$30.03M
Net Margin	-852.0%
Revenue Growth (YoY)	-13.6%
EPS Growth (YoY)	27.9%
FCF Growth (YoY)	35.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	165.46 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	T. Rowe Price Investment Management, Inc. ($867.03M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Michael Thomas Henderson
Employees	196
Country	US
IPO Date	2023-07-14

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.