Apogee Therapeutics (NASDAQ:APGE) Stock Price Up 6.1% After Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares rose 6.1% during mid-day trading on Tuesday following insider buying activity. The company traded as high as $47.79 and last traded at $47.21. Approximately 9,082 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 501,829 shares. The stock had previously closed at $44.50.

Specifically, Director Mark C. Mckenna purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were 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 of the company’s stock, valued at $990,800. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, December 12th. 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 on the stock. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 price objective on the stock. Finally, Wedbush lifted their target price on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $83.88.

Apogee Therapeutics Stock Up 1.9 %

The firm has a market capitalization of $2.17 billion, a P/E ratio of -19.87 and a beta of 2.30. The business’s 50-day simple moving average is $51.11 and its 200 day simple moving average is $48.32.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Apogee Therapeutics during the 3rd quarter valued at about $71,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Apogee Therapeutics by 21.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock valued at $94,000 after buying an additional 285 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Apogee Therapeutics during the second quarter valued at about $143,000. Wexford Capital LP bought a new position in Apogee Therapeutics during the 3rd quarter valued at approximately $230,000. Finally, Arizona State Retirement System lifted its holdings in Apogee Therapeutics by 4.5% in the 2nd quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock worth $236,000 after buying an additional 258 shares during the period. 79.04% of the stock is 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.