Apogee Therapeutics, Inc. (NASDAQ:APGE) Receives $89.71 Average Target Price from Brokerages

Apogee Therapeutics, Inc. (NASDAQ:APGE) has earned an average rating of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $89.71.

A number of research analysts have commented on the company. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 target price on the stock. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a research note on Thursday, December 12th. 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 price objective for the company. Finally, Wedbush increased their target price on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd.

Apogee Therapeutics Price Performance

APGE opened at $40.48 on Friday. Apogee Therapeutics has a 12-month low of $33.14 and a 12-month high of $72.29. The stock has a market capitalization of $1.82 billion, a PE ratio of -16.73 and a beta of 2.18. The firm’s fifty day moving average price is $44.49 and its 200 day moving average price is $48.70.

Apogee Therapeutics (NASDAQ:APGE) last issued its earnings results on Tuesday, November 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.13). On average, equities research analysts forecast that Apogee Therapeutics will post -3.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael Thomas Henderson sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.58, for a total transaction of $698,700.00. Following the completion of the transaction, the chief executive officer now directly owns 1,324,487 shares in the company, valued at approximately $61,694,604.46. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mark C. Mckenna acquired 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was acquired at an average cost of $49.54 per share, with a total value of $990,800.00. Following the completion of the acquisition, the director now directly owns 20,000 shares in the company, valued at approximately $990,800. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 45,290 shares of company stock worth $2,151,627 in the last three months. 36.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Apogee Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC increased its stake in Apogee Therapeutics by 142.0% during the 2nd quarter. Squarepoint Ops LLC now owns 44,022 shares of the company’s stock valued at $1,732,000 after buying an additional 25,829 shares during the period. AQR Capital Management LLC acquired a new position in shares of Apogee Therapeutics during the second quarter valued at approximately $454,000. SG Americas Securities LLC bought a new stake in Apogee Therapeutics during the third quarter worth approximately $475,000. Handelsbanken Fonder AB raised its holdings in Apogee Therapeutics by 25.7% during the third quarter. Handelsbanken Fonder AB now owns 8,800 shares of the company’s stock worth $517,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Waypoint Capital Advisors LLC acquired a new stake in Apogee Therapeutics in the third quarter worth approximately $36,835,000. 79.04% of the stock is currently owned by institutional investors.

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.