Apogee Therapeutics resumes climb after $350 mln share sale
Apogee Therapeutics APGE.O shares up 13.3% at $82.68 early Weds after $350 mln follow-on offering priced
Waltham, Massachusetts-based firm late Tues announced 5 mln shares at $70, a 4.1% discount to last sale
On Tues, APGE shares finished down nearly 8% after co commenced $300 mln offering on heels of encouraging eczema drug data
On Mon, stock jumped 20% after the drug, zumilokibart, showed lasting benefit in people with moderate-to-severe atopic dermatitis, in mid-stage trial
APGE intends to use net offering proceeds to fund preclinical studies, clinical trials, manufacturing, and commercial readiness activities, among other purposes
Jefferies, TD Cowen, Stifel and Guggenheim joint bookrunners
With move on the session, stock has roughly doubled over the past year
Avg rating among 17 brokerages is "buy"; median PT of $118 implies ~43% upside to current levels, per LSEG data
