Apogee Therapeutics (NASDAQ:APGE) Trading Up 6.1% After Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares rose 6.1% on Tuesday after an insider bought additional shares in the company. The company traded as high as $47.79 and last traded at $47.21. Approximately 9,082 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 501,829 shares. The stock had previously closed at $44.50.

Specifically, Director Mark C. Mckenna acquired 20,000 shares of Apogee Therapeutics stock in a transaction that occurred on Thursday, December 12th. The shares were acquired at an average cost of $49.54 per share, with a total value of $990,800.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at $990,800. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

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

Apogee Therapeutics Stock Performance

The company’s 50 day moving average price is $51.11 and its 200-day moving average price is $48.32. The stock has a market cap of $2.17 billion, a P/E ratio of -19.87 and a beta of 2.30.

Institutional Trading of Apogee Therapeutics

A number of hedge funds have recently bought and sold shares of APGE. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Apogee Therapeutics during the 3rd quarter valued at $71,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Apogee Therapeutics by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock worth $94,000 after buying an additional 285 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Apogee Therapeutics in the second quarter valued at about $143,000. Wexford Capital LP purchased a new position in Apogee Therapeutics in the third quarter valued at approximately $230,000. Finally, Arizona State Retirement System lifted its position in shares of Apogee Therapeutics by 4.5% during the 2nd quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock valued at $236,000 after buying an additional 258 shares during the last quarter. 79.04% of the stock is currently owned by institutional investors.

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.