Apogee Therapeutics (NASDAQ:APGE) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics (NASDAQ:APGE) in a research report released on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $89.00 target price on the stock.

Separately, Wedbush reaffirmed an “outperform” rating and issued a $87.00 price objective on shares of Apogee Therapeutics in a research note on Tuesday, November 12th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $83.50.

Apogee Therapeutics Trading Up 1.7 %

Apogee Therapeutics stock opened at $44.70 on Monday. Apogee Therapeutics has a 1-year low of $16.39 and a 1-year high of $72.29. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -18.41 and a beta of 2.93. The firm’s fifty day moving average price is $54.01 and its two-hundred day moving average price is $48.57.

Insider Activity

In related news, insider Carl Dambkowski sold 6,665 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $47.56, for a total transaction of $316,987.40. Following the completion of the sale, the insider now owns 280,793 shares in the company, valued at approximately $13,354,515.08. This trade represents a 2.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Thomas Henderson sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $47.62, for a total transaction of $1,904,800.00. Following the sale, the chief executive officer now owns 1,394,487 shares of the company’s stock, valued at $66,405,470.94. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 114,995 shares of company stock worth $6,128,295 over the last quarter. Insiders own 36.10% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APGE. Sei Investments Co. bought a new position in Apogee Therapeutics during the first quarter worth about $648,000. Vanguard Group Inc. boosted its position in shares of Apogee Therapeutics by 60.7% in the first quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company’s stock valued at $124,173,000 after acquiring an additional 705,795 shares during the period. American International Group Inc. boosted its position in shares of Apogee Therapeutics by 99.9% in the first quarter. American International Group Inc. now owns 20,391 shares of the company’s stock valued at $1,355,000 after acquiring an additional 10,188 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Apogee Therapeutics by 51.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,170,327 shares of the company’s stock valued at $77,770,000 after acquiring an additional 399,646 shares during the period. Finally, Bayesian Capital Management LP bought a new position in shares of Apogee Therapeutics in the first quarter valued at approximately $450,000. Institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.