Recent IPO stock Apogee Therapeutics (APGE) spiked for a second day early Tuesday after the biotech company reported some fourth-quarter financials, as well as strong interim results from an inflammatory disease treatment.

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Apogee held its initial public offering in July 2023. Since then, shares have nearly doubled. The company is working on treatments for eczema and chronic obstructive pulmonary disease, or COPD. The latter is an inflammatory condition in the lungs.

The Waltham, Mass.-based firm announced positive results from a voluntary, interim phase 1 study of its APG-777 drug candidate. The treatment targets moderate-to-severe atopic dermatitis and other inflammatory diseases. Results showed impact on patients that supported an induction treatment period of 16 weeks, followed by maintenance doses every three or six months.

The biotech also reported its losses for the quarter widened to $31.7 million, up from $14 million a year ago. Rising research and development costs drove the increase. Management also said it anticipates cash on hand is sufficient to carry operations into the fourth quarter of 2024.

Shares of Apogee jetted 31% higher in premarket action Tuesday. The IPO stock had soared more than 12% in powerful trade on Monday, moving out of a buy range following a rebound from support at its 10-week moving average.

Apogee ended Monday up 63% from a late-December breakout.

Shares have a strong Relative Strength Rating of 96, according to IBD Digital. This puts the IPO stock in the top 4% of all stocks in terms of 12-month performance.

More to follow.

Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.

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