Apogee Therapeutics drops on stock offering launch

** Shares of Apogee Therapeutics APGE.O down 9.9% post-market to $42.55, after a big gain in regular session, as co looks to raise equity

** Waltham, Massachusetts-based firm, which focuses on inflammatory and immunology markets, commences offering of stock and pre-funded warrants without disclosing deal size

** 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

** APGE shares on Weds closed up 18.9% at $47.24, putting them up 4% YTD

** With about 59.6 mln shares outstanding, co has $2.8 bln market cap

** All 10 analysts covering the stock are bullish, including 7 "strong buy" ratings; median PT is $95, per LSEG data