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

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report) 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 trading hands.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on APGE. Canaccord Genuity Group initiated coverage on Apogee Therapeutics in a report on Monday, November 25th. They issued a "buy" rating and a $89.00 price objective on the stock. Wedbush upped their price objective on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an "outperform" rating in a report on Monday, December 2nd. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research report on Monday, November 25th. They issued a "buy" rating and a $89.00 price objective for the company. Finally, Guggenheim restated a "buy" rating on shares of Apogee Therapeutics in a research report on Thursday. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Apogee Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $83.88.

Apogee Therapeutics Stock Up 6.1 %

The firm has a fifty day moving average of $51.27 and a 200-day moving average of $48.31. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -19.51 and a beta of 2.30.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Apogee Therapeutics in the 3rd quarter valued at about $71,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Apogee Therapeutics by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company's stock valued at $94,000 after purchasing an additional 285 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Apogee Therapeutics in the second quarter valued at approximately $143,000. Wexford Capital LP purchased a new position in shares of Apogee Therapeutics during the 3rd quarter worth approximately $230,000. Finally, Arizona State Retirement System raised 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 worth $236,000 after purchasing an additional 258 shares during the last quarter. Hedge funds and other 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.