Apogee Therapeutics (NASDAQ:APGE) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics (NASDAQ:APGE) in a research report sent to investors on Monday, MarketBeat.com reports. The firm issued a buy rating and a $89.00 price objective on the stock.

Several other research firms have also recently weighed in on APGE. Wedbush reiterated an “outperform” rating and issued a $87.00 target price on shares of Apogee Therapeutics in a research note on Tuesday, November 12th. Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a research report on Monday. They issued a “buy” rating and a $89.00 price target for the company. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $83.50.

Apogee Therapeutics Stock Performance

NASDAQ APGE opened at $44.70 on Monday. The firm has a 50-day simple moving average of $54.01 and a 200 day simple moving average of $48.57. Apogee Therapeutics has a twelve month low of $16.39 and a twelve month high of $72.29. The stock has a market cap of $2.01 billion, a PE ratio of -18.41 and a beta of 2.93.

Insider Transactions at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $47.62, for a total transaction of $1,904,800.00. Following the completion of the sale, the chief executive officer now owns 1,394,487 shares of the company’s stock, valued at approximately $66,405,470.94. This trade represents a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Carl Dambkowski sold 6,665 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $56.26, for a total transaction of $374,972.90. Following the sale, the insider now directly owns 274,128 shares in the company, valued at $15,422,441.28. This trade represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,995 shares of company stock valued at $6,128,295. Corporate insiders own 36.10% of the company’s stock.

Institutional Trading of Apogee Therapeutics

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in Apogee Therapeutics by 11.2% in the third quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock valued at $48,401,000 after acquiring an additional 82,978 shares during the last quarter. Barclays PLC boosted its stake in Apogee Therapeutics by 369.2% in the third quarter. Barclays PLC now owns 365,046 shares of the company’s stock valued at $21,443,000 after acquiring an additional 287,243 shares during the last quarter. Wellington Management Group LLP boosted its stake 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 valued at $282,798,000 after acquiring an additional 1,267,451 shares during the last quarter. Wexford Capital LP bought a new position in Apogee Therapeutics in the third quarter valued at approximately $230,000. Finally, Point72 DIFC Ltd boosted its stake in Apogee Therapeutics by 14.5% in the third quarter. Point72 DIFC Ltd now owns 19,207 shares of the company’s stock valued at $1,128,000 after acquiring an additional 2,428 shares during the last quarter. 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.