Apogee Therapeutics (NASDAQ:APGE) Trading 5.2% Higher on Analyst Upgrade

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price rose 5.2% during trading on Monday after Wedbush raised their price target on the stock from $87.00 to $90.00. Wedbush currently has an outperform rating on the stock. Apogee Therapeutics traded as high as $48.14 and last traded at $47.50. Approximately 264,822 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 492,256 shares. The stock had previously closed at $45.15.

A number of other brokerages have also issued reports on APGE. Guggenheim increased their price target on Apogee Therapeutics from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Canaccord Genuity Group initiated coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price target for the company. Finally, Canaccord Genuity Group initiated coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price target for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Apogee Therapeutics has an average rating of “Buy” and an average price target of $83.88.

Insider Activity

In related news, insider Carl Dambkowski sold 6,665 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $56.26, for a total value of $374,972.90. Following the completion of the transaction, the insider now owns 274,128 shares of the company’s stock, valued at approximately $15,422,441.28. This trade represents a 2.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Thomas Henderson sold 40,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $47.62, for a total transaction of $1,904,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,394,487 shares of the company’s stock, valued at approximately $66,405,470.94. The trade was 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 90 days. Corporate insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of Apogee Therapeutics by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock valued at $48,401,000 after acquiring an additional 82,978 shares during the last quarter. Barclays PLC lifted its holdings in shares of Apogee Therapeutics by 369.2% in the 3rd quarter. Barclays PLC now owns 365,046 shares of the company’s stock valued at $21,443,000 after acquiring an additional 287,243 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Apogee Therapeutics by 35.7% in the 3rd quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock valued at $282,798,000 after acquiring an additional 1,267,451 shares during the last quarter. Wexford Capital LP bought a new position in shares of Apogee Therapeutics in the 3rd quarter valued at about $230,000. Finally, Point72 DIFC Ltd lifted its stake in Apogee Therapeutics by 14.5% in the third quarter. Point72 DIFC Ltd now owns 19,207 shares of the company’s stock worth $1,128,000 after purchasing an additional 2,428 shares during the last quarter. Institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Stock Up 2.2 %

The firm has a market cap of $2.08 billion, a P/E ratio of -19.14 and a beta of 2.93. The company’s 50 day simple moving average is $53.40 and its 200-day simple moving average is $48.39.

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.