Apogee Therapeutics (NASDAQ:APGE) Hits New 12-Month Low - Here's What Happened

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report) reached a new 52-week low during trading on Tuesday . The company traded as low as $31.90 and last traded at $32.69, with a volume of 128851 shares changing hands. The stock had previously closed at $33.37.

Analyst Ratings Changes

Several research firms have recently weighed in on APGE. Guggenheim reissued a "buy" rating on shares of Apogee Therapeutics in a research report on Monday, February 10th. Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They set a "buy" rating and a $89.00 target price for the company. Wedbush upped their price target on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the stock an "outperform" rating in a research note on Monday, December 2nd. Finally, Canaccord Genuity Group began coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a "buy" rating and a $89.00 price objective for the company. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $89.71.

Apogee Therapeutics Stock Performance

The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -12.99 and a beta of 2.18. The firm's 50 day moving average is $40.33 and its 200-day moving average is $47.37.

Insiders Place Their Bets

In related news, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.07, for a total value of $307,056.55. Following the transaction, the insider now owns 260,798 shares in the company, valued at $12,014,963.86. This trade represents a 2.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark C. Mckenna bought 20,000 shares of the business's stock in a transaction on Thursday, December 12th. The shares were purchased at an average cost 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 approximately $990,800. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 63,810 shares of company stock valued at $2,903,556 over the last quarter. Insiders own 36.10% of the company's stock.

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Institutional Trading of Apogee Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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. China Universal Asset Management Co. Ltd. increased its position in Apogee Therapeutics by 63.8% during the third quarter. China Universal Asset Management Co. Ltd. now owns 8,655 shares of the company's stock worth $508,000 after acquiring an additional 3,371 shares during the period. AlphaCentric Advisors LLC acquired a new position in Apogee Therapeutics during the 3rd quarter valued at $499,000. Victory Capital Management Inc. boosted its holdings in Apogee Therapeutics by 121.6% in the 3rd quarter. Victory Capital Management Inc. now owns 346,358 shares of the company's stock valued at $20,345,000 after purchasing an additional 190,092 shares during the period. Finally, Natixis Advisors LLC bought a new stake in Apogee Therapeutics in the 3rd quarter valued at $879,000. Institutional investors 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.