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

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a research report issued on Tuesday,RTT News reports. They presently have a $87.00 price target on the stock. Wedbush’s target price would suggest a potential upside of 51.70% from the company’s previous close.

Apogee Therapeutics Price Performance

NASDAQ:APGE traded down $3.11 during trading hours on Tuesday, reaching $57.35. 287,957 shares of the company traded hands, compared to its average volume of 494,305. The firm’s 50-day moving average is $54.61 and its 200-day moving average is $48.98. The stock has a market cap of $2.58 billion, a P/E ratio of -27.71 and a beta of 2.93. Apogee Therapeutics has a 1-year low of $14.91 and a 1-year high of $72.29.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.60) EPS for the quarter, hitting analysts’ consensus estimates of ($0.60). As a group, research analysts predict that Apogee Therapeutics will post -2.57 earnings per share for the current year.

Insider Activity

In related news, CFO Jane Henderson sold 6,000 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $48.26, for a total transaction of $289,560.00. Following the transaction, the chief financial officer now directly owns 200,871 shares in the company, valued at approximately $9,694,034.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $59.22, for a total transaction of $888,300.00. Following the completion of the sale, the chief executive officer now directly owns 1,339,487 shares in the company, valued at $79,324,420.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jane Henderson sold 6,000 shares of Apogee Therapeutics stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $48.26, for a total value of $289,560.00. Following the completion of the transaction, the chief financial officer now directly owns 200,871 shares in the company, valued at $9,694,034.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 120,995 shares of company stock valued at $6,417,855 over the last quarter. Company insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Driehaus Capital Management LLC raised its position in Apogee Therapeutics by 2.6% in the second quarter. Driehaus Capital Management LLC now owns 2,117,870 shares of the company’s stock valued at $83,338,000 after purchasing an additional 54,107 shares during the period. Perceptive Advisors LLC raised its holdings in shares of Apogee Therapeutics by 2.2% during the 2nd quarter. Perceptive Advisors LLC now owns 2,105,636 shares of the company’s stock valued at $82,857,000 after buying an additional 45,241 shares during the period. Vanguard Group Inc. lifted its position in Apogee Therapeutics by 60.7% during the 1st quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company’s stock worth $124,173,000 after acquiring an additional 705,795 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in 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 worth $77,770,000 after acquiring an additional 399,646 shares in the last quarter. Finally, Affinity Asset Advisors LLC boosted its holdings in Apogee Therapeutics by 41.2% in the 2nd quarter. Affinity Asset Advisors LLC now owns 836,283 shares of the company’s stock worth $32,908,000 after acquiring an additional 244,190 shares during the period. Hedge funds and other 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.