Apogee Therapeutics (NASDAQ:APGE) Shares Up 6.1% on Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s share price traded up 6.1% 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. Approximately 9,082 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 501,829 shares. The stock had previously closed at $44.50.

Specifically, Director Mark C. Mckenna purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was bought at an average cost of $49.54 per share, with a total value of $990,800.00. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at $990,800. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

Several brokerages have issued reports on APGE. 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 target price on the stock. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a research report on Thursday, December 12th. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a research report on Monday, November 25th. They issued a “buy” rating and a $89.00 price target for the company. Finally, Wedbush upped their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Eight equities 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 a consensus price target of $83.88.

Apogee Therapeutics Trading Up 1.3 %

The company has a market capitalization of $2.15 billion, a P/E ratio of -19.51 and a beta of 2.30. The business’s fifty day moving average price is $51.27 and its 200-day moving average price is $48.31.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of Apogee Therapeutics by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock valued at $48,401,000 after purchasing an additional 82,978 shares in the last quarter. Barclays PLC grew its stake in shares of Apogee Therapeutics by 369.2% in the third quarter. Barclays PLC now owns 365,046 shares of the company’s stock worth $21,443,000 after purchasing an additional 287,243 shares during the last quarter. Wellington Management Group LLP grew its holdings in Apogee Therapeutics by 35.7% in the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock worth $282,798,000 after purchasing an additional 1,267,451 shares during the period. Wexford Capital LP purchased a new position in Apogee Therapeutics during the third quarter valued at $230,000. Finally, Point72 DIFC Ltd boosted its holdings in Apogee Therapeutics by 14.5% in the third quarter. Point72 DIFC Ltd now owns 19,207 shares of the company’s stock worth $1,128,000 after acquiring an additional 2,428 shares in the last quarter. 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.