Apogee Therapeutics, Inc. (NASDAQ:APGE) Short Interest Update

Apogee Therapeutics, Inc. (NASDAQ:APGE) was the target of a significant growth in short interest in November. As of November 30th, there was short interest totalling 7,360,000 shares, a growth of 11.2% from the November 15th total of 6,620,000 shares. Based on an average trading volume of 458,200 shares, the short-interest ratio is currently 16.1 days. Approximately 20.3% of the company’s stock are short sold.

Insider Buying and Selling

In other news, CEO Michael Thomas Henderson sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $56.23, for a total value of $2,249,200.00. Following the transaction, the chief executive officer now owns 1,354,487 shares in the company, valued at approximately $76,162,804.01. This represents a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Carl Dambkowski sold 6,665 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.07, for a total value of $307,056.55. Following the sale, the insider now owns 260,798 shares in the company, valued at approximately $12,014,963.86. This represents a 2.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 94,535 shares of company stock valued at $5,133,635 over the last quarter. Corporate insiders own 36.10% of the company’s stock.

Institutional Trading of Apogee Therapeutics

Large investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in Apogee Therapeutics during the 2nd quarter valued at approximately $660,000. Point72 Asset Management L.P. lifted its position in Apogee Therapeutics by 162.7% during the third quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock valued at $41,545,000 after purchasing an additional 438,036 shares during the period. XTX Topco Ltd purchased a new stake in Apogee Therapeutics in the second quarter valued at $706,000. Victory Capital Management Inc. boosted its holdings in Apogee Therapeutics by 56.8% in the second quarter. Victory Capital Management Inc. now owns 156,266 shares of the company’s stock valued at $6,149,000 after purchasing an additional 56,607 shares during the last quarter. Finally, Waypoint Capital Advisors LLC purchased a new position in shares of Apogee Therapeutics during the 3rd quarter valued at about $36,835,000. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Stock Performance

APGE stock opened at $44.50 on Friday. Apogee Therapeutics has a one year low of $20.78 and a one year high of $72.29. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of -18.39 and a beta of 2.30. The firm has a 50-day simple moving average of $51.43 and a two-hundred day simple moving average of $48.28.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on APGE. Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 target price for the company. Wedbush lifted their target price on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Canaccord Genuity Group started 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, Guggenheim reaffirmed a “buy” rating on shares of Apogee Therapeutics in a research report on Thursday. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $83.88.

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.