Apogee Therapeutics (NASDAQ:APGE) Trading Down 3.2% – What’s Next?

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s share price fell 3.2% during trading on Friday . The company traded as low as $45.51 and last traded at $45.51. 53,502 shares traded hands during trading, a decline of 89% from the average session volume of 501,829 shares. The stock had previously closed at $47.02.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on APGE. Canaccord Genuity Group began coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price objective on the stock. Wedbush upped their price objective on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a research report on Thursday, December 12th. Finally, Canaccord Genuity Group assumed coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 price target for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Apogee Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $89.71.

Apogee Therapeutics Stock Performance

The company has a fifty day simple moving average of $50.60 and a 200 day simple moving average of $48.30. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -19.71 and a beta of 2.30.

Insider Transactions at Apogee Therapeutics

In other Apogee Therapeutics news, Director Mark C. Mckenna purchased 20,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was purchased at an average cost of $49.54 per share, for a total transaction of $990,800.00. Following the acquisition, the director now owns 20,000 shares in the company, valued at approximately $990,800. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Thomas Henderson sold 40,000 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $56.23, for a total value of $2,249,200.00. Following the completion of the transaction, the chief executive officer now directly owns 1,354,487 shares in the company, valued at $76,162,804.01. This represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 94,535 shares of company stock worth $5,133,635 over the last ninety days. 36.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of Apogee Therapeutics by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock worth $48,401,000 after buying an additional 82,978 shares during the period. Barclays PLC boosted its stake in Apogee Therapeutics by 369.2% during the third quarter. Barclays PLC now owns 365,046 shares of the company’s stock worth $21,443,000 after acquiring an additional 287,243 shares in the last quarter. Wellington Management Group LLP grew its holdings 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 worth $282,798,000 after purchasing an additional 1,267,451 shares during the period. Wexford Capital LP bought a new stake in Apogee Therapeutics in the third quarter valued at $230,000. Finally, Point72 DIFC Ltd raised its holdings in shares of Apogee Therapeutics by 14.5% during the third quarter. Point72 DIFC Ltd now owns 19,207 shares of the company’s stock valued at $1,128,000 after purchasing an additional 2,428 shares during the period. 79.04% of the stock is currently owned by institutional investors.

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.