$APGE Is The Best Of The Best

Again...

March 05, 2024

Today is Tuesday.

The major indices marched lower for the second straight day. The Nasdaq negated -1.65%.

Tech tumbled 2.46%. Real estate and consumer discretionary dropped ~1.25%. Energy, consumer staples and financials finished higher.

New 52-Week Highs led New Lows — 168 vs. 37.

See the full sheet here.

The Best of the Best

Apogee Therapeutics ($APGE) is the best of the best — again.

The biotech bounced +42% after it released positive interim results from its Phase 1 Trial for APG777 to treat Atopic Dermatitis and other inflammatory diseases.

The company commented,

“Results from the trial exceeded the Company’s trial objectives and support the potential for APG777… These findings represent the potential for improved clinical responses from greater exposures in induction and significantly less frequent dosing in maintenance compared to currently approved biologic therapies, a potential major advancement for patients with AD and other inflammatory diseases.”

After the close, the company filed to offer $350M of shares of its common stock.

$APGE advanced +59% so far this week. Here’s the daily chart.

$APGE has 45 followers on Stocktwits, up from 6 yesterday.

The Worst of the Worst

Albemarle Corporation ($ALB) is the worst of the worst. The chemicals company cratered -17.87% following its $1.75B offering of depositary shares.

Seeking Alpha suggests the capital raise may be seen as an “inability to fund lithium projects.”

Here’s the daily chart.