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Baron Capital exits Apogee Therapeutics after AbbVie agrees to $135.11 buyout

NEW YORK, August 5. Baron Capital sold its position in Apogee Therapeutics, Inc. (NASDAQ: APGE) after AbbVie Inc. agreed in June to acquire the clinical-stage biotechnology company at $135.11 per share, a 49.5% premium to the prior day's close, the firm's Baron Health Care Fund disclosed in its second-quarter 2026 investor letter.

By Amara Diallo2 min read
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Key takeaways

  • Baron Capital's Baron Health Care Fund fully exited its Apogee Therapeutics (NASDAQ: APGE) position after AbbVie agreed in June to acquire the company at $135.11 per share.
  • AbbVie's offer represented a 49.5% premium to Apogee's prior-day close, and Apogee closed at $134.19 on August 4, 2026, just below the offer price.
  • Apogee was the primary driver of favorable stock selection in biotechnology for the fund during Q2 2026.
  • Baron Health Care Fund gained 11.99% in Q2 2026, outpacing the Russell 3000 Health Care Index's 10.48% return.
  • Forty-four hedge fund portfolios held Apogee at the end of Q1 2026, up from 35 the prior quarter, according to Insider Monkey data.

NEW YORK, August 5. Baron Capital sold its position in Apogee Therapeutics, Inc. (NASDAQ: APGE) after AbbVie Inc. agreed in June to acquire the clinical-stage biotechnology company at $135.11 per share, a 49.5% premium to the prior day's close, the firm's Baron Health Care Fund disclosed in its second-quarter 2026 investor letter.

The acquisition and Baron's exit

The deal prompted a full exit. Baron Health Care Fund stated in its Q2 2026 letter that it sold Apogee Therapeutics following the announcement the company was being acquired by AbbVie. Apogee closed at $134.19 on August 4, 2026, just below the offer price.

Apogee develops novel biologics for the treatment of atopic dermatitis, asthma, eosinophilic esophagitis, chronic obstructive pulmonary disease, and other inflammatory and immunology indications. Its shares gained 269.47% over the 52 weeks ending August 4, 2026, with a 52-week trading range of $34.34 to $134.46. The company's market capitalization stood at $10.11 billion.

The fund's letter identified Apogee as the primary driver of favorable stock selection in biotechnology during the quarter. That contribution was partly offset by the fund's higher exposure to biotechnology as a sub-industry, which underperformed over the period.

Q2 2026 fund returns

Baron Health Care Fund gained 11.99% in the second quarter, outpacing the 10.48% return for the Russell 3000 Health Care Index. The Russell 3000 Index returned 15.44% over the same period. Since inception, the fund has appreciated at an annualized rate of 10.61%, against 10.02% for the health care benchmark and 14.83% for the broader index, the letter shows.

Strong stock selection across pharmaceuticals, biotechnology, health care equipment, and life sciences tools and services drove the outperformance. Limited exposure to managed care stocks reduced relative returns, the fund reported.

Hedge fund ownership

Forty-four hedge fund portfolios held Apogee Therapeutics at the end of the first quarter of 2026, up from 35 at the close of the prior quarter, according to Insider Monkey data.

Baron Capital stated a continuing positive view on health care, citing improving biotechnology funding, active acquisition markets, recovering managed care margins, and growth from an aging population, chronic disease, medical innovation, and higher health care spending.

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Frequently asked

Why did Baron Capital sell its Apogee Therapeutics position?

Baron Health Care Fund sold its entire Apogee position after AbbVie agreed in June to acquire the clinical-stage biotech at $135.11 per share, a 49.5% premium to the prior day's close.

What does Apogee Therapeutics develop?

Apogee develops novel biologics for atopic dermatitis, asthma, eosinophilic esophagitis, chronic obstructive pulmonary disease, and other inflammatory and immunology indications.

How did Apogee's stock perform over the past year?

Apogee's shares gained 269.47% over the 52 weeks ending August 4, 2026, trading in a range of $34.34 to $134.46, with a market capitalization of $10.11 billion.

How did Baron Health Care Fund perform in Q2 2026?

The fund gained 11.99% in the second quarter, beating the Russell 3000 Health Care Index's 10.48% return, though it trailed the broader Russell 3000 Index's 15.44%.

What is Baron Capital's outlook on health care?

Baron Capital stated a continuing positive view, citing improving biotechnology funding, active acquisition markets, recovering managed care margins, and growth from an aging population, chronic disease, and higher health care spending.