Apogee Therapeutics (NASDAQ:APGE) Shares Gap Up After Insider Buying Activity

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $44.50, but opened at $45.85. Apogee Therapeutics shares last traded at $45.91, with a volume of 42,630 shares changing hands.

Specifically, Director Mark C. Mckenna bought 20,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was bought at an average cost of $49.54 per share, with a total value of $990,800.00. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $990,800. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on APGE shares. Canaccord Genuity Group started coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 price objective for the company. 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 report on Monday, December 2nd. Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 price target for the company. Finally, Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a research note on Thursday. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Apogee Therapeutics has a consensus rating of “Buy” and an average target price of $83.88.

Apogee Therapeutics Trading Up 4.5 %

The stock has a market capitalization of $2.09 billion, a P/E ratio of -18.39 and a beta of 2.30. The firm’s fifty day moving average is $51.43 and its 200-day moving average is $48.30.

Hedge Funds Weigh In On Apogee Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd bought a new position in Apogee Therapeutics during the 2nd quarter valued at about $660,000. Point72 Asset Management L.P. lifted its holdings in Apogee Therapeutics by 162.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock valued at $41,545,000 after purchasing an additional 438,036 shares during the last quarter. XTX Topco Ltd bought a new position in Apogee Therapeutics during the 2nd quarter valued at about $706,000. Victory Capital Management Inc. raised its stake in shares of Apogee Therapeutics by 56.8% in the second quarter. Victory Capital Management Inc. now owns 156,266 shares of the company’s stock worth $6,149,000 after acquiring an additional 56,607 shares during the last quarter. Finally, Waypoint Capital Advisors LLC bought a new position in shares of Apogee Therapeutics in the third quarter worth about $36,835,000. 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.