Apogee Therapeutics (NASDAQ:APGE) Shares Gap Up Following Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $44.50, but opened at $45.85. Apogee Therapeutics shares last traded at $45.91, with a volume of 42,630 shares traded.

Specifically, Director Mark C. Mckenna purchased 20,000 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were bought at an average cost of $49.54 per share, for a total transaction of $990,800.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $990,800. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

APGE has been the subject of a number of research analyst reports. Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a research report on Thursday, December 12th. 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 target price on the stock. Wedbush upped their price target on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Finally, Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price target for the company. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $83.88.

Apogee Therapeutics Stock Up 1.9 %

The business’s fifty day moving average price is $51.11 and its 200 day moving average price is $48.32. The firm has a market capitalization of $2.17 billion, a PE ratio of -19.87 and a beta of 2.30.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its stake in 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 purchasing an additional 1,267,451 shares during the last quarter. Driehaus Capital Management LLC increased its stake in shares of Apogee Therapeutics by 2.6% during the 2nd quarter. Driehaus Capital Management LLC now owns 2,117,870 shares of the company’s stock valued at $83,338,000 after acquiring an additional 54,107 shares during the last quarter. Perceptive Advisors LLC boosted its position in shares of Apogee Therapeutics by 2.2% in the second quarter. Perceptive Advisors LLC now owns 2,105,636 shares of the company’s stock worth $82,857,000 after acquiring an additional 45,241 shares during the last quarter. Affinity Asset Advisors LLC grew its holdings in Apogee Therapeutics by 41.2% in the second quarter. Affinity Asset Advisors LLC now owns 836,283 shares of the company’s stock valued at $32,908,000 after purchasing an additional 244,190 shares during the period. Finally, Geode Capital Management LLC increased its position in Apogee Therapeutics by 11.2% during the third quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock worth $48,401,000 after purchasing an additional 82,978 shares during the last quarter. 79.04% of the stock is currently owned by institutional investors and hedge funds.

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.