Apogee Therapeutics (NASDAQ:APGE) Receives Buy Rating from Guggenheim

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “buy” rating restated by investment analysts at Guggenheim in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $110.00 price target on the stock, up from their previous price target of $95.00. Guggenheim’s price target would indicate a potential upside of 111.46% from the company’s previous close.

Several other equities research analysts have also commented on APGE. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research report on Monday, November 25th. They set a “buy” rating and a $89.00 target price on the stock. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research report on Monday, November 25th. They set a “buy” rating and a $89.00 target price on the stock. Finally, Wedbush increased their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $83.88.

Apogee Therapeutics Price Performance

Shares of Apogee Therapeutics stock opened at $52.02 on Tuesday. Apogee Therapeutics has a one year low of $18.84 and a one year high of $72.29. The stock’s 50-day moving average is $52.90 and its 200 day moving average is $48.30. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -21.50 and a beta of 2.30.

Insiders Place Their Bets

In other news, CEO Michael Thomas Henderson sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $56.23, for a total value of $2,249,200.00. Following the transaction, the chief executive officer now owns 1,354,487 shares in the company, valued at $76,162,804.01. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Carl Dambkowski sold 6,665 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $56.26, for a total value of $374,972.90. Following the completion of the transaction, the insider now owns 274,128 shares in the company, valued at $15,422,441.28. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,330 shares of company stock worth $3,906,508. Corporate insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of APGE. California State Teachers Retirement System lifted its holdings in shares of Apogee Therapeutics by 25.6% in the first quarter. California State Teachers Retirement System now owns 23,002 shares of the company’s stock valued at $1,528,000 after purchasing an additional 4,693 shares in the last quarter. Comerica Bank increased its position in shares of Apogee Therapeutics by 6,103.8% during the first quarter. Comerica Bank now owns 6,576 shares of the company’s stock valued at $437,000 after acquiring an additional 6,470 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Apogee Therapeutics during the second quarter valued at approximately $143,000. Principal Financial Group Inc. increased its position in shares of Apogee Therapeutics by 26.3% during 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, Victory Capital Management Inc. increased its position in shares of Apogee Therapeutics by 56.8% during the second quarter. Victory Capital Management Inc. now owns 156,266 shares of the company’s stock valued at $6,149,000 after acquiring an additional 56,607 shares during the last quarter. Institutional investors own 79.04% of the company’s stock.

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.