Apogee Therapeutics (NASDAQ:APGE) Shares Up 5.2% Following Analyst Upgrade

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) were up 5.2% 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 changed 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.

APGE has been the subject of several other reports. Guggenheim increased their price target on shares of Apogee Therapeutics from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 price target on the stock. Finally, Canaccord Genuity Group started coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, Apogee Therapeutics currently has an average rating of “Buy” and a consensus price target of $83.88.

Insider Buying and Selling

In other news, CEO Michael Thomas Henderson sold 40,000 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $56.23, for a total transaction of $2,249,200.00. Following the completion of the transaction, the chief executive officer now directly owns 1,354,487 shares of the company’s stock, valued at approximately $76,162,804.01. This represents a 2.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Carl Dambkowski sold 6,665 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $47.56, for a total value of $316,987.40. Following the sale, the insider now directly owns 280,793 shares in the company, valued at $13,354,515.08. This trade represents a 2.32 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,995 shares of company stock valued at $6,128,295. 36.10% of the stock is currently owned by insiders.

Institutional Trading of Apogee Therapeutics

Large investors have recently made changes to their positions in the company. Arizona State Retirement System lifted its position in Apogee Therapeutics by 4.5% during the 2nd quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock worth $236,000 after acquiring an additional 258 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Apogee Therapeutics by 21.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock valued at $94,000 after purchasing an additional 285 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Apogee Therapeutics during the 3rd quarter worth approximately $71,000. Principal Financial Group Inc. lifted its holdings in shares of Apogee Therapeutics by 26.3% in the 2nd quarter. Principal Financial Group Inc. now owns 6,442 shares of the company’s stock valued at $253,000 after buying an additional 1,340 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Apogee Therapeutics by 25.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 8,800 shares of the company’s stock valued at $517,000 after buying an additional 1,800 shares during the period. 79.04% of the stock is owned by institutional investors and hedge funds.

Apogee Therapeutics Price Performance

The stock has a 50 day moving average of $53.40 and a two-hundred day moving average of $48.39. The stock has a market capitalization of $2.14 billion, a PE ratio of -19.14 and a beta of 2.93.

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.