Wedbush Reiterates Outperform Rating for Apogee Therapeutics (NASDAQ:APGE)

Wedbush reiterated their outperform rating on shares of Apogee Therapeutics (NASDAQ:APGE - Free Report) in a research note published on Friday morning, Benzinga reports. They currently have a $87.00 target price on the stock.

Apogee Therapeutics Price Performance

Shares of APGE stock traded up $1.28 during trading hours on Friday, reaching $53.23. 207,372 shares of the company traded hands, compared to its average volume of 500,872. Apogee Therapeutics has a 12-month low of $14.19 and a 12-month high of $72.29. The company has a market cap of $3.11 billion, a P/E ratio of -10.17 and a beta of 2.75. The firm has a 50-day moving average price of $52.53 and a 200 day moving average price of $48.50.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.60) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.60). Sell-side analysts predict that Apogee Therapeutics will post -2.57 EPS for the current year.

Insider Buying and Selling

In related news, insider Carl Dambkowski sold 6,665 shares of the business's stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $56.26, for a total value of $374,972.90. Following the transaction, the insider now directly owns 274,128 shares of the company's stock, valued at approximately $15,422,441.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 40,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $56.23, for a total value of $2,249,200.00. Following the sale, the chief executive officer now owns 1,354,487 shares of the company's stock, valued at $76,162,804.01. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $56.26, for a total value of $374,972.90. Following the completion of the sale, the insider now directly owns 274,128 shares in the company, valued at approximately $15,422,441.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 146,665 shares of company stock valued at $7,058,635. Corporate insiders own 36.10% of the company's stock.

Institutional Trading of Apogee Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Darwin Global Management Ltd. bought a new position in shares of Apogee Therapeutics during the 1st quarter valued at approximately $55,300,000. Vanguard Group Inc. increased its position in shares of Apogee Therapeutics by 60.7% during the 1st quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company's stock valued at $124,173,000 after purchasing an additional 705,795 shares during the last quarter. Waypoint Capital Advisors LLC bought a new position in shares of Apogee Therapeutics during the 3rd quarter valued at approximately $36,835,000. Price T Rowe Associates Inc. MD increased its position in shares of Apogee Therapeutics by 51.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,170,327 shares of the company's stock valued at $77,770,000 after purchasing an additional 399,646 shares during the last quarter. Finally, Farallon Capital Management LLC bought a new position in shares of Apogee Therapeutics during the 1st quarter valued at approximately $20,267,000. Institutional investors 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.