Apogee Therapeutics (NASDAQ:APGE) Trading Up 7.4% - Here's Why

Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report)'s stock price rose 7.4% on Monday . The company traded as high as $35.20 and last traded at $33.76. Approximately 219,148 shares traded hands during trading, a decline of 59% from the average daily volume of 537,592 shares. The stock had previously closed at $31.44.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on APGE shares. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research note on Monday, November 25th. They set a "buy" rating and a $89.00 price target on the stock. Guggenheim reiterated a "buy" rating on shares of Apogee Therapeutics in a research note on Monday, February 10th. Canaccord Genuity Group initiated coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a "buy" rating and a $89.00 price target on the stock. Finally, Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Apogee Therapeutics in a research report on Monday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $88.83.

Apogee Therapeutics Trading Up 12.8 %

The business's fifty day moving average price is $39.35 and its 200 day moving average price is $47.10. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -14.64 and a beta of 2.46.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings data on Monday, March 3rd. The company reported ($1.19) EPS for the quarter, missing the consensus estimate of ($0.94) by ($0.25). As a group, sell-side analysts forecast that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current fiscal year.

Remove Ads

Insider Buying and Selling at Apogee Therapeutics

In other news, Director Mark C. Mckenna purchased 20,000 shares of the stock in a transaction dated Thursday, December 12th. The stock was acquired at an average cost of $49.54 per share, for a total transaction of $990,800.00. Following the completion of the acquisition, the director now directly owns 20,000 shares in the company, valued at $990,800. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carl Dambkowski sold 4,540 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $48.76, for a total transaction of $221,370.40. Following the transaction, the insider now directly owns 258,073 shares in the company, valued at $12,583,639.48. The trade was a 1.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,145 shares of company stock worth $1,897,799. 36.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several hedge funds have recently made changes to their positions in APGE. GF Fund Management CO. LTD. purchased a new position in Apogee Therapeutics during the fourth quarter worth about $43,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Apogee Therapeutics during the 3rd quarter worth about $71,000. Optimize Financial Inc acquired a new stake in shares of Apogee Therapeutics in the fourth quarter worth approximately $203,000. Aigen Investment Management LP purchased a new stake in Apogee Therapeutics in the fourth quarter valued at approximately $216,000. Finally, BNP Paribas Financial Markets acquired a new position in Apogee Therapeutics during the fourth quarter worth approximately $219,000. 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.