Apogee Therapeutics’ (APGE) “Buy” Rating Reiterated at Guggenheim

Guggenheim reissued their buy rating on shares of Apogee Therapeutics (NASDAQ:APGE) in a research note issued to investors on Monday morning,Benzinga reports.

Several other equities research analysts have also commented on the stock. Wedbush boosted their price target 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 started coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 target price for the company. Finally, 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 target price for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Apogee Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $89.71.

Apogee Therapeutics Stock Up 2.9 %

Shares of Apogee Therapeutics stock opened at $35.50 on Monday. The firm’s 50 day moving average price is $43.55 and its 200-day moving average price is $48.25. Apogee Therapeutics has a 52-week low of $33.14 and a 52-week high of $72.29. The company has a market cap of $1.60 billion, a P/E ratio of -14.67 and a beta of 2.18.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.73) by ($0.13). As a group, equities research analysts forecast that Apogee Therapeutics will post -3.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Mark C. Mckenna purchased 20,000 shares of the company’s stock in a transaction 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 completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $990,800. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Thomas Henderson sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $40.58, for a total transaction of $608,700.00. Following the transaction, the chief executive officer now owns 1,302,987 shares in the company, valued at approximately $52,875,212.46. This trade represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 63,810 shares of company stock worth $2,903,556. Company insiders own 36.10% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

Hedge funds have recently modified their holdings of the business. Wellington Management Group LLP lifted its holdings in shares of Apogee Therapeutics by 35.7% during the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock worth $282,798,000 after purchasing an additional 1,267,451 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Apogee Therapeutics by 13.5% during the fourth quarter. Alliancebernstein L.P. now owns 1,355,185 shares of the company’s stock worth $61,390,000 after purchasing an additional 160,822 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Apogee Therapeutics by 0.6% during the fourth quarter. Franklin Resources Inc. now owns 866,188 shares of the company’s stock worth $39,238,000 after purchasing an additional 5,199 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Apogee Therapeutics by 11.2% during the third quarter. Geode Capital Management LLC now owns 823,839 shares of the company’s stock worth $48,401,000 after purchasing an additional 82,978 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in Apogee Therapeutics by 162.7% in the third quarter. Point72 Asset Management L.P. now owns 707,268 shares of the company’s stock valued at $41,545,000 after acquiring an additional 438,036 shares during the period. 79.04% of the stock is currently owned by hedge funds and other 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.