Apogee Therapeutics (NASDAQ:APGE) Shares Gap Up Following Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $44.50, but opened at $45.85. Apogee Therapeutics shares last traded at $45.91, with a volume of 42,630 shares traded.

Specifically, Director Mark C. Mckenna purchased 20,000 shares of the stock in a transaction on Thursday, December 12th. The stock was bought at an average price of $49.54 per share, with a total value of $990,800.00. Following the transaction, the director now owns 20,000 shares in the company, valued at $990,800. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

APGE has been the subject of a number of research reports. Wedbush lifted their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Canaccord Genuity Group began coverage on Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. Canaccord Genuity Group began coverage on Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. Finally, Guggenheim reiterated a “buy” rating on shares of Apogee Therapeutics in a research note on Thursday, December 12th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $83.88.

Apogee Therapeutics Stock Performance

The company has a 50 day moving average of $51.27 and a two-hundred day moving average of $48.31. The stock has a market cap of $2.13 billion, a PE ratio of -19.51 and a beta of 2.30.

Hedge Funds Weigh In On Apogee Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of APGE. Allspring Global Investments Holdings LLC purchased a new position in shares of Apogee Therapeutics in the 2nd quarter valued at about $143,000. Principal Financial Group Inc. increased its stake 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 purchasing an additional 1,340 shares in the last quarter. Victory Capital Management Inc. increased 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 purchasing an additional 56,607 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Apogee Therapeutics by 4.5% in the 2nd quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock valued at $236,000 after purchasing an additional 258 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Apogee Therapeutics in the 2nd quarter valued at about $272,000. Hedge funds and other institutional investors own 79.04% of the company’s stock.

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.