Apogee Therapeutics, Inc. (NASDAQ:APGE) Given Average Recommendation of “Buy” by Brokerages

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) have been given a consensus rating of “Buy” by the seven brokerages that are covering the company, MarketBeat reports. Seven research analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have covered the stock in the last year is $89.71.

Several equities research analysts have commented on the company. Canaccord Genuity Group began coverage on Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. Guggenheim reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. Wedbush upped their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Finally, Canaccord Genuity Group began coverage on Apogee Therapeutics in a research note on Monday, November 25th. They set a “buy” rating and a $89.00 price target on the stock.

Apogee Therapeutics Trading Down 16.6 %

NASDAQ:APGE opened at $41.05 on Wednesday. Apogee Therapeutics has a 12 month low of $30.84 and a 12 month high of $72.29. The stock has a 50 day moving average of $48.43 and a two-hundred day moving average of $49.07. The firm has a market cap of $1.85 billion, a P/E ratio of -16.96 and a beta of 2.26.

Insider Activity at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 15,000 shares of Apogee Therapeutics stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $59.22, for a total transaction of $888,300.00. Following the sale, the chief executive officer now owns 1,339,487 shares in the company, valued at approximately $79,324,420.14. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Carl Dambkowski sold 6,665 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.07, for a total value of $307,056.55. Following the completion of the transaction, the insider now owns 260,798 shares in the company, valued at $12,014,963.86. This trade represents a 2.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,955 shares of company stock valued at $3,433,962 over the last quarter. 36.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Apogee Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in Apogee Therapeutics by 35.7% in the 3rd 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 in the last quarter. Driehaus Capital Management LLC lifted its stake in Apogee Therapeutics by 2.6% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,117,870 shares of the company’s stock valued at $83,338,000 after buying an additional 54,107 shares in the last quarter. Perceptive Advisors LLC lifted its stake in Apogee Therapeutics by 2.2% in the 2nd quarter. Perceptive Advisors LLC now owns 2,105,636 shares of the company’s stock valued at $82,857,000 after buying an additional 45,241 shares in the last quarter. Affinity Asset Advisors LLC raised its holdings in Apogee Therapeutics by 41.2% in the 2nd quarter. Affinity Asset Advisors LLC now owns 836,283 shares of the company’s stock valued at $32,908,000 after acquiring an additional 244,190 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Apogee Therapeutics by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock valued at $48,401,000 after acquiring an additional 82,978 shares during the last quarter. 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.