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

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price gapped up prior to trading on Monday after an insider bought additional shares in the company. 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 acquired 20,000 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was bought at an average cost of $49.54 per share, for a total transaction of $990,800.00. Following the purchase, the director now owns 20,000 shares in the company, valued at approximately $990,800. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

APGE has been the subject of several research reports. Wedbush boosted their price objective on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Canaccord Genuity Group initiated 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 research note on Thursday, December 12th. Finally, 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 price objective for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $83.88.

Apogee Therapeutics Trading Up 6.1 %

The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of -19.51 and a beta of 2.30. The company has a fifty day moving average price of $51.27 and a two-hundred day moving average price of $48.31.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. 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 purchasing an additional 258 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Apogee Therapeutics by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock valued at $94,000 after acquiring an additional 285 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Apogee Therapeutics in the third quarter valued at approximately $71,000. Principal Financial Group Inc. lifted its holdings in Apogee Therapeutics by 26.3% in the second quarter. Principal Financial Group Inc. now owns 6,442 shares of the company’s stock valued at $253,000 after acquiring an additional 1,340 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Apogee Therapeutics by 25.7% in the third quarter. Handelsbanken Fonder AB now owns 8,800 shares of the company’s stock valued at $517,000 after acquiring an additional 1,800 shares during the last quarter. 79.04% of the stock is currently owned by institutional investors and hedge funds.

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.