Apogee Therapeutics, Inc. (NASDAQ:APGE) Receives Average Recommendation of “Buy” from Analysts

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) have been given an average rating of “Buy” by the seven research firms that are covering the company, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have covered the stock in the last year is $89.71.

Several brokerages recently issued reports on APGE. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a research report on Monday, November 25th. They set a “buy” rating and a $89.00 target price on the stock. Wedbush lifted their price objective on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Guggenheim reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. 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 target on the stock.

Apogee Therapeutics Stock Performance

Shares of NASDAQ APGE opened at $49.57 on Wednesday. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -20.48 and a beta of 2.26. Apogee Therapeutics has a fifty-two week low of $27.05 and a fifty-two week high of $72.29. The firm’s 50-day simple moving average is $48.87 and its 200 day simple moving average is $48.90.

Insider Buying and Selling

In other news, Director Mark C. Mckenna acquired 20,000 shares of Apogee Therapeutics stock in a transaction on Thursday, December 12th. The stock was acquired at an average cost of $49.54 per share, with a total value of $990,800.00. Following the completion of the acquisition, the director now owns 20,000 shares in the company, valued at approximately $990,800. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Carl Dambkowski sold 4,085 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $46.94, for a total value of $191,749.90. Following the completion of the sale, the insider now owns 255,348 shares in the company, valued at approximately $11,986,035.12. The trade was a 1.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,955 shares of company stock worth $2,701,212. Insiders own 36.10% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in shares of Apogee Therapeutics by 4.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,555 shares of the company’s stock valued at $1,736,000 after buying an additional 1,212 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Apogee Therapeutics by 11.2% during the third quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock worth $48,401,000 after acquiring an additional 82,978 shares in the last quarter. Barclays PLC boosted its holdings in shares of Apogee Therapeutics by 369.2% in the third quarter. Barclays PLC now owns 365,046 shares of the company’s stock worth $21,443,000 after acquiring an additional 287,243 shares during the period. Wellington Management Group LLP grew its position in shares of Apogee Therapeutics by 35.7% in the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock valued at $282,798,000 after purchasing an additional 1,267,451 shares in the last quarter. Finally, Wexford Capital LP bought a new stake in shares of Apogee Therapeutics during the 3rd quarter valued at $230,000. Institutional investors own 79.04% of the company’s stock.

About Apogee Therapeutics

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.