Apogee Therapeutics (NASDAQ:APGE) Coverage Initiated at Canaccord Genuity Group

Equities researchers at Canaccord Genuity Group began coverage on shares of Apogee Therapeutics (NASDAQ:APGE) in a research report issued on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $89.00 price target on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 102.46% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a research report on Monday. They issued a “buy” rating and a $89.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $87.00 price objective on shares of Apogee Therapeutics in a research note on Tuesday, November 12th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Apogee Therapeutics currently has a consensus rating of “Buy” and an average price target of $81.13.

Apogee Therapeutics Price Performance

Shares of NASDAQ APGE opened at $43.96 on Monday. The stock has a market capitalization of $1.98 billion, a P/E ratio of -18.20 and a beta of 2.93. Apogee Therapeutics has a one year low of $16.39 and a one year high of $72.29. The firm’s 50 day simple moving average is $54.14 and its two-hundred day simple moving average is $48.63.

Insider Buying and Selling at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 15,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $59.22, for a total value of $888,300.00. Following the completion of the transaction, the chief executive officer now directly owns 1,339,487 shares of the company’s stock, valued at $79,324,420.14. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $59.12, for a total value of $394,034.80. Following the sale, the insider now directly owns 267,463 shares in the company, valued at approximately $15,812,412.56. The trade was a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 114,995 shares of company stock valued at $6,128,295 in the last 90 days. Insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in APGE. Wellington Management Group LLP grew its stake in Apogee Therapeutics by 35.7% in the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock worth $282,798,000 after purchasing an additional 1,267,451 shares during the period. Vanguard Group Inc. grew its position in shares of Apogee Therapeutics by 60.7% in the 1st quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company’s stock worth $124,173,000 after buying an additional 705,795 shares during the period. Waypoint Capital Advisors LLC purchased a new stake in shares of Apogee Therapeutics in the 3rd quarter worth about $36,835,000. Janus Henderson Group PLC increased its stake in shares of Apogee Therapeutics by 4,018.9% in the 3rd quarter. Janus Henderson Group PLC now owns 469,557 shares of the company’s stock worth $27,586,000 after acquiring an additional 458,157 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Apogee Therapeutics by 162.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock valued at $41,545,000 after acquiring an additional 438,036 shares during the period. 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.