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