Apogee Therapeutics (NASDAQ:APGE) Trading 4% Higher

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s share price was up 4% on Wednesday . The stock traded as high as $41.81 and last traded at $41.73. Approximately 104,762 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 554,383 shares. The stock had previously closed at $40.12.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on APGE. Bank of America began coverage on Apogee Therapeutics in a research report on Friday, May 10th. They set a “buy” rating and a $80.00 target price on the stock. Wedbush reiterated an “outperform” rating and issued a $87.00 target price on shares of Apogee Therapeutics in a research report on Monday, May 13th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $73.00.

Apogee Therapeutics Stock Performance

The business has a 50 day simple moving average of $44.93 and a 200-day simple moving average of $44.96. The firm has a market capitalization of $2.52 billion and a price-to-earnings ratio of -8.19.

Apogee Therapeutics (NASDAQ:APGE) last posted its earnings results on Monday, May 13th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Equities analysts predict that Apogee Therapeutics, Inc. will post -2.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction on Friday, July 5th. The stock was sold at an average price of $37.26, for a total value of $558,900.00. Following the sale, the chief executive officer now owns 1,474,487 shares in the company, valued at $54,939,385.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Carl Dambkowski sold 5,995 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $37.60, for a total transaction of $225,412.00. Following the completion of the transaction, the insider now owns 294,793 shares of the company’s stock, valued at approximately $11,084,216.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $37.26, for a total transaction of $558,900.00. Following the completion of the sale, the chief executive officer now owns 1,474,487 shares of the company’s stock, valued at approximately $54,939,385.62. The disclosure for this sale can be found here. 36.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of APGE. Farallon Capital Management LLC purchased a new stake in shares of Apogee Therapeutics in the 1st quarter valued at $20,267,000. Virtu Financial LLC purchased a new stake in Apogee Therapeutics during the first quarter worth about $362,000. Artal Group S.A. acquired a new stake in shares of Apogee Therapeutics during the first quarter worth about $10,134,000. Comerica Bank boosted its stake in shares of Apogee Therapeutics by 6,103.8% in the first quarter. Comerica Bank now owns 6,576 shares of the company’s stock valued at $437,000 after purchasing an additional 6,470 shares during the period. Finally, California State Teachers Retirement System grew its holdings in shares of Apogee Therapeutics by 25.6% in the first quarter. California State Teachers Retirement System now owns 23,002 shares of the company’s stock valued at $1,528,000 after purchasing an additional 4,693 shares in the last quarter. 79.04% of the stock is currently owned by hedge funds and other institutional investors.

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.