Guggenheim Reaffirms Buy Rating for Apogee Therapeutics (NASDAQ:APGE)

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “buy” rating reaffirmed by investment analysts at Guggenheim in a report issued on Tuesday,Benzinga reports. They presently have a $110.00 target price on the stock, up from their prior target price of $95.00. Guggenheim’s price objective would suggest a potential upside of 111.46% from the stock’s current price.

Several other analysts also recently issued reports on APGE. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price target for the company. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price target for the company. Finally, Wedbush boosted their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Apogee Therapeutics currently has an average rating of “Buy” and a consensus price target of $83.88.

Apogee Therapeutics Price Performance

APGE opened at $52.02 on Tuesday. The business has a fifty day simple moving average of $52.90 and a 200 day simple moving average of $48.30. The company has a market capitalization of $2.34 billion, a PE ratio of -21.50 and a beta of 2.30. Apogee Therapeutics has a 1 year low of $18.84 and a 1 year high of $72.29.

Insider Activity

In other news, CEO Michael Thomas Henderson sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $59.22, for a total transaction of $888,300.00. Following the completion of the transaction, the chief executive officer now owns 1,339,487 shares of the company’s stock, valued at approximately $79,324,420.14. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Carl Dambkowski sold 6,665 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $59.12, for a total value of $394,034.80. Following the transaction, the insider now directly owns 267,463 shares of the company’s stock, valued at $15,812,412.56. This trade represents a 2.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 68,330 shares of company stock worth $3,906,508. 36.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Apogee Therapeutics during the 3rd quarter worth $71,000. Mirae Asset Global Investments Co. Ltd. increased 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 worth $94,000 after purchasing an additional 285 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Apogee Therapeutics in the 2nd quarter worth about $143,000. Wexford Capital LP acquired a new position in Apogee Therapeutics in the 3rd quarter worth about $230,000. Finally, Arizona State Retirement System increased its holdings in Apogee Therapeutics by 4.5% in the 2nd quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock worth $236,000 after purchasing an additional 258 shares in the last quarter. 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.