Canaccord Genuity Group Begins Coverage on Apogee Therapeutics (NASDAQ:APGE)

Analysts at Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics (NASDAQ:APGE) in a note issued to investors on Monday,Benzinga reports. The firm set a “buy” rating and a $89.00 price target on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 104.79% from the company’s current price.

A number of other research firms have also recently issued reports on APGE. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a report on Monday. They issued a “buy” rating and a $89.00 price target for the company. Wedbush reiterated an “outperform” rating and issued a $87.00 price objective on shares of Apogee Therapeutics in a research report on Tuesday, November 12th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Apogee Therapeutics currently has a consensus rating of “Buy” and an average price target of $81.13.

Apogee Therapeutics Stock Performance

Shares of NASDAQ APGE opened at $43.46 on Monday. The stock has a market cap of $1.96 billion, a PE ratio of -17.96 and a beta of 2.93. The business has a fifty day moving average of $54.29 and a two-hundred day moving average of $48.70. Apogee Therapeutics has a 52-week low of $16.39 and a 52-week high of $72.29.

Insider Activity

In other Apogee Therapeutics news, insider Carl Dambkowski sold 6,665 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $47.56, for a total value of $316,987.40. Following the sale, the insider now owns 280,793 shares in the company, valued at approximately $13,354,515.08. The trade was a 2.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Thomas Henderson sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $59.22, for a total value of $888,300.00. Following the completion of the sale, the chief executive officer now owns 1,339,487 shares in the company, valued at $79,324,420.14. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 114,995 shares of company stock worth $6,128,295 in the last 90 days. Corporate insiders own 36.10% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Several institutional investors have recently bought and sold shares of the company. Arizona State Retirement System raised its stake in shares of Apogee Therapeutics by 4.5% during 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Apogee Therapeutics by 21.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock worth $94,000 after purchasing an additional 285 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Apogee Therapeutics during the 3rd quarter worth approximately $71,000. Principal Financial Group Inc. raised its stake in shares of Apogee Therapeutics by 26.3% during the 2nd quarter. Principal Financial Group Inc. now owns 6,442 shares of the company’s stock worth $253,000 after purchasing an additional 1,340 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its stake in shares of Apogee Therapeutics by 25.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 8,800 shares of the company’s stock worth $517,000 after purchasing an additional 1,800 shares in the last quarter. 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.