Apogee Therapeutics (NASDAQ:APGE) Shares Up 6.1% Following Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s share price was up 6.1% during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $47.79 and last traded at $47.21. Approximately 9,082 shares were traded during trading, a decline of 98% from the average daily volume of 501,829 shares. The stock had previously closed at $44.50.

Specifically, Director Mark C. Mckenna acquired 20,000 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were bought at an average price of $49.54 per share, with a total value of $990,800.00. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $990,800. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Canaccord Genuity Group began coverage on Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price target on the stock. Guggenheim reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Wedbush lifted their price target on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Finally, Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 price objective on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Apogee Therapeutics currently has an average rating of “Buy” and a consensus target price of $83.88.

Apogee Therapeutics Price Performance

The company’s fifty day moving average price is $50.92 and its 200 day moving average price is $48.30. The company has a market cap of $2.01 billion, a PE ratio of -18.47 and a beta of 2.30.

Institutional Investors Weigh In On Apogee Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Apogee Therapeutics in the third quarter valued at approximately $71,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Apogee Therapeutics by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock worth $94,000 after purchasing an additional 285 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Apogee Therapeutics in the second quarter worth $143,000. Wexford Capital LP purchased a new stake in shares of Apogee Therapeutics during the 3rd quarter valued at $230,000. Finally, Intech Investment Management LLC bought a new stake in shares of Apogee Therapeutics during the 3rd quarter worth $300,000. Hedge funds and other 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.