Apogee Therapeutics, Inc. (NASDAQ:APGE) Sees Significant Growth in Short Interest

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

Insider Activity

In other Apogee Therapeutics news, CEO Michael Thomas Henderson sold 40,000 shares of the business’s stock in a transaction 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 $76,162,804.01. The trade was a 2.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mark C. Mckenna acquired 20,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was purchased 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 in the company, valued at $990,800. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 94,535 shares of company stock worth $5,133,635. 36.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd bought a new position in Apogee Therapeutics during the 2nd quarter worth $660,000. Point72 Asset Management L.P. boosted its holdings in shares of 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 acquiring an additional 438,036 shares during the period. XTX Topco Ltd bought a new position in shares of Apogee Therapeutics during the second quarter worth about $706,000. Victory Capital Management Inc. increased its holdings in shares of Apogee Therapeutics by 56.8% in the 2nd quarter. Victory Capital Management Inc. now owns 156,266 shares of the company’s stock worth $6,149,000 after acquiring an additional 56,607 shares during the period. Finally, Waypoint Capital Advisors LLC acquired a new stake in shares of Apogee Therapeutics in the 3rd quarter worth about $36,835,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on APGE shares. Wedbush increased their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 target price for the company. Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a research report on Monday, November 25th. They set 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 report on Thursday, December 12th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, Apogee Therapeutics currently has an average rating of “Buy” and a consensus target price of $83.88.

Apogee Therapeutics Price Performance

Apogee Therapeutics stock opened at $47.21 on Tuesday. Apogee Therapeutics has a 12 month low of $22.20 and a 12 month high of $72.29. The company has a fifty day moving average price of $51.27 and a two-hundred day moving average price of $48.31. The company has a market cap of $2.13 billion, a PE ratio of -19.51 and a beta of 2.30.

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.