Guggenheim Forecasts Strong Price Appreciation for Apogee Therapeutics (NASDAQ:APGE) Stock

Apogee Therapeutics (NASDAQ:APGE) had its price objective upped by Guggenheim from $95.00 to $110.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective indicates a potential upside of 146.09% from the stock’s current price.

APGE has been the subject of several other research reports. Wedbush reissued an “outperform” rating and issued a $87.00 price target on shares of Apogee Therapeutics in a report on Tuesday, November 12th. Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a research note on Monday. They issued a “buy” rating and a $89.00 target price for the company. Finally, Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a research note on Monday. They set a “buy” rating and a $89.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $83.50.

Apogee Therapeutics Price Performance

Apogee Therapeutics stock opened at $44.70 on Wednesday. Apogee Therapeutics has a 1-year low of $16.39 and a 1-year high of $72.29. The business has a fifty day moving average price of $53.83 and a 200-day moving average price of $48.54. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -18.47 and a beta of 2.93.

Insider Buying and Selling

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 40,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $47.62, for a total transaction of $1,904,800.00. Following the sale, the chief executive officer now directly owns 1,394,487 shares of the company’s stock, valued at approximately $66,405,470.94. This trade represents a 2.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $56.26, for a total value of $374,972.90. Following the transaction, the insider now owns 274,128 shares of the company’s stock, valued at $15,422,441.28. The trade was a 2.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 114,995 shares of company stock worth $6,128,295. 36.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Arizona State Retirement System grew its stake 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 worth $236,000 after purchasing an additional 258 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position 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 valued at $94,000 after buying an additional 285 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Apogee Therapeutics in the third quarter valued at $71,000. Principal Financial Group Inc. raised its position in shares of Apogee Therapeutics by 26.3% in the second quarter. Principal Financial Group Inc. now owns 6,442 shares of the company’s stock worth $253,000 after acquiring an additional 1,340 shares during the period. Finally, Handelsbanken Fonder AB raised its position in shares of Apogee Therapeutics by 25.7% in the third quarter. Handelsbanken Fonder AB now owns 8,800 shares of the company’s stock worth $517,000 after acquiring an additional 1,800 shares during the period. 79.04% of the stock is owned by institutional investors and hedge funds.

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.