Apogee Therapeutics (NASDAQ:APGE) Trading 6.1% Higher Following Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report)'s share price shot up 6.1% during trading 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. 9,082 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 501,829 shares. The stock had previously closed at $44.50.

Specifically, Director Mark C. Mckenna bought 20,000 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The stock was acquired at an average price 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 filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of brokerages have weighed in on APGE. Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a "buy" rating and a $89.00 price target for the company. Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a "buy" rating and a $89.00 target price on the stock. Guggenheim restated a "buy" rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Finally, Wedbush upped their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the company an "outperform" rating in a report on Monday, December 2nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Apogee Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $83.88.

Apogee Therapeutics Trading Up 1.9 %

The firm has a market cap of $2.17 billion, a PE ratio of -19.87 and a beta of 2.30. The company's 50-day moving average is $51.11 and its 200 day moving average is $48.32.

Institutional Trading of Apogee Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Apogee Therapeutics during the 3rd quarter valued at $71,000. Mirae Asset Global Investments Co. Ltd. raised 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 acquiring an additional 285 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Apogee Therapeutics during the second quarter valued at $143,000. Wexford Capital LP purchased a new position in Apogee Therapeutics in the third quarter valued at about $230,000. Finally, Arizona State Retirement System increased its position in Apogee Therapeutics by 4.5% in 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. Institutional investors and hedge funds own 79.04% of the company's stock.

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.