Apogee Therapeutics (NASDAQ:APGE) Shares Up 5.2% Following Analyst Upgrade

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s share price rose 5.2% during mid-day trading on Monday after Wedbush raised their price target on the stock from $87.00 to $90.00. Wedbush currently has an outperform rating on the stock. Apogee Therapeutics traded as high as $48.14 and last traded at $47.50. Approximately 264,822 shares were traded during trading, a decline of 46% from the average daily volume of 492,256 shares. The stock had previously closed at $45.15.

Several other analysts also recently commented on the stock. Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a research report on Monday, November 25th. They issued a “buy” rating and a $89.00 target price for the company. Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 price objective for the company. Finally, Guggenheim raised their target price on Apogee Therapeutics from $95.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $83.88.

Insider Buying and Selling at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 6,665 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $59.12, for a total transaction of $394,034.80. Following the completion of the transaction, the insider now directly owns 267,463 shares in the company, valued at $15,812,412.56. This represents a 2.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Thomas Henderson sold 40,000 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $56.23, for a total transaction of $2,249,200.00. Following the completion of the sale, the chief executive officer now directly owns 1,354,487 shares of the company’s stock, valued at approximately $76,162,804.01. This trade represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,330 shares of company stock worth $3,906,508 over the last ninety days. Company insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in Apogee Therapeutics by 35.7% during the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock valued at $282,798,000 after acquiring an additional 1,267,451 shares during the period. Waypoint Capital Advisors LLC acquired a new position in shares of Apogee Therapeutics in the third quarter valued at $36,835,000. Janus Henderson Group PLC lifted its position in Apogee Therapeutics by 4,018.9% in the third quarter. Janus Henderson Group PLC now owns 469,557 shares of the company’s stock worth $27,586,000 after purchasing an additional 458,157 shares during the period. Point72 Asset Management L.P. boosted its stake 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 worth $41,545,000 after buying an additional 438,036 shares in the last quarter. Finally, Barclays PLC increased its holdings in Apogee Therapeutics by 369.2% in the 3rd quarter. Barclays PLC now owns 365,046 shares of the company’s stock valued at $21,443,000 after buying an additional 287,243 shares during the period. Institutional investors and hedge funds own 79.04% of the company’s stock.

Apogee Therapeutics Stock Up 0.3 %

The company’s fifty day simple moving average is $53.17 and its 200-day simple moving average is $48.33.

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.