Stock Market Today, June 22: Apogee Therapeutics Soars on AbbVie Cash Buyout Offer
Apogee Therapeutics (NASDAQ:APGE), a clinical-stage biologics company for inflammatory and immunology disorders, closed at $132.55, up 46.66%. AbbVie’s proposed $135.11-per-share cash acquisition drove the surge. Investors are watching to see whether the deal closes in the near term and how well Apogee’s treatments fit into AbbVie’s pipeline over the long term. Trading volume reached 61.0M shares, coming in about 3,064% above its three-month average of 1.9M shares. Apogee Therapeutics IPO'd in 2023 and has grown 524% since going public.
How the markets moved today
The S&P 500 fell 0.33% to 7,475, and the Nasdaq Composite fell 1.32% to 26,167. Among biotechnology companies focused on biologic immunology and inflammatory disease therapies, Regeneron Pharmaceuticals closed at $612.50, up 0.42%, while Abbott Laboratories closed at $87.80, down 0.69%.
What this means for investors
Apogee Therapeutics rose nearly 50% today after AbbVie offered $10.9 billion in all-cash to acquire the anti-inflammatory biotech. The market seems to think the deal is likely to go through as expected in Q3, with shares currently trading just 2% below the offer price.
The deal would help reload AbbVie’s immunology pipeline, as Apogee already has clinical trials underway for asthma, atopic dermatitis, and eosinophilic esophagitis. While AbbVie’s main immunology treatments, Rinvoq and Skyrizi, are years away from losing exclusivity, Apogee’s promising treatments offer blockbuster potential further down the road to replace its biggest drugs.
The deal makes sense on paper, but investors will need to monitor how Apogee’s primary drug, zumilokibart (and its potential for less frequent dosing), progresses through trials.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie, Abbott Laboratories, and Regeneron Pharmaceuticals. The Motley Fool has a disclosure policy.
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