Apogee Therapeutics (NASDAQ:APGE) Stock Price Up 5.5% – Here’s What Happened

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s share price rose 5.5% during trading on Wednesday . The company traded as high as $37.59 and last traded at $37.56. Approximately 134,217 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 491,078 shares. The stock had previously closed at $35.61.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Citigroup began coverage on Apogee Therapeutics in a report on Thursday, March 13th. They issued a “buy” rating and a $95.00 price target on the stock. Guggenheim reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Monday, February 10th. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 price target on shares of Apogee Therapeutics in a research report on Tuesday, March 11th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Apogee Therapeutics presently has an average rating of “Buy” and a consensus price target of $92.17.

Apogee Therapeutics Price Performance

The company has a market cap of $1.70 billion, a P/E ratio of -15.58 and a beta of 2.46. The stock has a fifty day moving average price of $37.50 and a two-hundred day moving average price of $45.75.

Apogee Therapeutics (NASDAQ:APGE) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($1.19) earnings per share for the quarter, missing the consensus estimate of ($0.94) by ($0.25). Equities analysts predict that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Michael Thomas Henderson sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $48.85, for a total transaction of $732,750.00. Following the completion of the sale, the chief executive officer now owns 1,309,487 shares in the company, valued at approximately $63,968,439.95. This trade represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Carl Dambkowski sold 3,520 shares of Apogee Therapeutics stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $40.69, for a total transaction of $143,228.80. Following the completion of the sale, the insider now directly owns 252,623 shares in the company, valued at approximately $10,279,229.87. This represents a 1.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,195 shares of company stock valued at $2,026,392 over the last three months. Corporate insiders own 36.10% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

Several institutional investors have recently bought and sold shares of APGE. Wellington Management Group LLP raised its stake in shares of Apogee Therapeutics by 35.7% in the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock valued at $282,798,000 after buying an additional 1,267,451 shares during the period. Driehaus Capital Management LLC increased its holdings in Apogee Therapeutics by 2.8% in the 4th quarter. Driehaus Capital Management LLC now owns 2,605,310 shares of the company’s stock worth $118,021,000 after acquiring an additional 71,703 shares during the last quarter. Alliancebernstein L.P. raised its stake in Apogee Therapeutics by 13.5% in the 4th quarter. Alliancebernstein L.P. now owns 1,355,185 shares of the company’s stock valued at $61,390,000 after acquiring an additional 160,822 shares during the period. Paradigm Biocapital Advisors LP lifted its holdings in Apogee Therapeutics by 82.9% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 1,283,766 shares of the company’s stock valued at $58,155,000 after purchasing an additional 581,949 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in Apogee Therapeutics by 141.7% during the fourth quarter. Janus Henderson Group PLC now owns 1,135,100 shares of the company’s stock worth $51,455,000 after purchasing an additional 665,543 shares during the period. Hedge funds and other 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.