Apogee Therapeutics (NASDAQ:APGE) Trading Up 6.1% Following Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE) shot up 6.1% during mid-day trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $47.79 and last traded at $47.21. 9,082 shares were traded during mid-day trading, a decline of 98% from the average session volume of 501,829 shares. The stock had previously closed at $44.50.

Specifically, Director Mark C. Mckenna purchased 20,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was acquired 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 owns 20,000 shares in the company, valued at approximately $990,800. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

APGE has been the subject of a number of recent analyst reports. Guggenheim reiterated 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 price objective for the company. Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price objective on the stock. Finally, Wedbush boosted their target price 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. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $83.88.

Apogee Therapeutics Stock Down 7.1 %

The company has a 50 day simple moving average of $50.92 and a 200 day simple moving average of $48.30. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -18.47 and a beta of 2.30.

Hedge Funds Weigh In On Apogee Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Apogee Therapeutics during the third quarter worth about $71,000. Mirae Asset Global Investments Co. Ltd. boosted its position 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 valued at $94,000 after purchasing an additional 285 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Apogee Therapeutics during the second quarter worth approximately $143,000. Wexford Capital LP acquired a new position in Apogee Therapeutics in the third quarter valued at approximately $230,000. Finally, Arizona State Retirement System boosted its holdings 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 buying an additional 258 shares in the last quarter. 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.