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

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

Specifically, Director Mark C. Mckenna bought 20,000 shares of the stock in a transaction on Thursday, December 12th. The shares were purchased at an average price of $49.54 per share, with a total value of $990,800.00. Following the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at $990,800. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

Several equities analysts recently issued reports on APGE shares. Canaccord Genuity Group began 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. Wedbush upped their price objective on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 target price for the company. Finally, Guggenheim reaffirmed a “buy” rating on shares of Apogee Therapeutics in a research note on Thursday, December 12th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $83.88.

Apogee Therapeutics Stock Up 1.3 %

The stock has a fifty day moving average price of $51.27 and a two-hundred day moving average price of $48.31. The company has a market cap of $2.15 billion, a price-to-earnings ratio of -19.51 and a beta of 2.30.

Hedge Funds Weigh In On Apogee Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Apogee Therapeutics during the 2nd quarter worth approximately $143,000. Principal Financial Group Inc. increased its stake 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. Victory Capital Management Inc. increased its stake in shares of Apogee Therapeutics by 56.8% in the 2nd quarter. Victory Capital Management Inc. now owns 156,266 shares of the company’s stock valued at $6,149,000 after purchasing an additional 56,607 shares during the last quarter. Arizona State Retirement System raised its stake in Apogee Therapeutics by 4.5% during the second quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock worth $236,000 after acquiring an additional 258 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Apogee Therapeutics during the 2nd quarter worth approximately $272,000. 79.04% of the stock is owned by institutional investors.

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.