Apogee Therapeutics (NASDAQ:APGE) Given “Buy” Rating at Guggenheim

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Guggenheim in a report released on Tuesday,Benzinga reports. They currently have a $110.00 price objective on the stock, up from their prior price objective of $95.00. Guggenheim’s target price indicates a potential upside of 138.10% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Wedbush upped their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price target for the company. 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 target price for the company. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $83.88.

Apogee Therapeutics Stock Performance

APGE stock traded up $0.06 during trading on Tuesday, reaching $46.20. 105,614 shares of the company were exchanged, compared to its average volume of 494,511. The stock’s 50 day moving average price is $53.40 and its 200 day moving average price is $48.39. Apogee Therapeutics has a 52-week low of $18.84 and a 52-week high of $72.29. The company has a market cap of $2.08 billion, a P/E ratio of -19.09 and a beta of 2.33.

Insider Activity

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 40,000 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $56.23, for a total transaction of $2,249,200.00. Following the transaction, the chief executive officer now owns 1,354,487 shares of the company’s stock, valued at $76,162,804.01. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $47.56, for a total transaction of $316,987.40. Following the completion of the transaction, the insider now owns 280,793 shares in the company, valued at approximately $13,354,515.08. This trade represents a 2.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 114,995 shares of company stock valued at $6,128,295 over the last 90 days. Insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its holdings in shares of Apogee Therapeutics by 25.6% in the 1st quarter. California State Teachers Retirement System now owns 23,002 shares of the company’s stock worth $1,528,000 after purchasing an additional 4,693 shares during the period. Comerica Bank grew its stake in Apogee Therapeutics by 6,103.8% during the first quarter. Comerica Bank now owns 6,576 shares of the company’s stock worth $437,000 after buying an additional 6,470 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Apogee Therapeutics in the second quarter worth $143,000. Principal Financial Group Inc. increased its position in shares of Apogee Therapeutics by 26.3% in the second quarter. Principal Financial Group Inc. now owns 6,442 shares of the company’s stock worth $253,000 after acquiring an additional 1,340 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Apogee Therapeutics by 56.8% in the 2nd quarter. Victory Capital Management Inc. now owns 156,266 shares of the company’s stock valued at $6,149,000 after acquiring an additional 56,607 shares during the period. Institutional investors and hedge funds 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.