Apogee Therapeutics (NASDAQ:APGE) Reaches New 12-Month High – Here’s Why

Apogee Therapeutics Inc. (NASDAQ:APGE)’s share price reached a new 52-week high on Thursday . The company traded as high as $67.66 and last traded at $64.6530, with a volume of 263228 shares traded. The stock had previously closed at $63.83.

Analyst Upgrades and Downgrades

APGE has been the subject of a number of recent analyst reports. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Apogee Therapeutics in a report on Monday, August 11th. Bank of America boosted their price objective on Apogee Therapeutics from $78.00 to $87.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Citigroup reaffirmed a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, August 28th. Royal Bank Of Canada upped their price target on Apogee Therapeutics from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Finally, Craig Hallum began coverage on shares of Apogee Therapeutics in a research note on Monday, November 3rd. They issued a “buy” rating and a $109.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Apogee Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $96.50.

Apogee Therapeutics Stock Performance

The stock has a 50-day simple moving average of $49.68 and a 200 day simple moving average of $42.81. The company has a market cap of $2.96 billion, a P/E ratio of -14.62 and a beta of 1.50.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings data on Monday, November 10th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.03. Sell-side analysts anticipate that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Activity at Apogee Therapeutics

In related news, CEO Michael Thomas Henderson sold 20,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $63.01, for a total value of $1,260,200.00. Following the transaction, the chief executive officer owned 1,272,987 shares in the company, valued at $80,210,910.87. This trade represents a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carl Dambkowski sold 10,785 shares of the company’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $55.07, for a total transaction of $593,929.95. Following the transaction, the insider owned 282,008 shares in the company, valued at approximately $15,530,180.56. The trade was a 3.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 38,620 shares of company stock valued at $2,160,704 in the last 90 days. 42.77% of the stock is owned by corporate insiders.

Institutional Trading of Apogee Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its position in shares of Apogee Therapeutics by 99.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 769 shares of the company’s stock valued at $33,000 after acquiring an additional 383 shares during the period. ANTIPODES PARTNERS Ltd grew its holdings in shares of Apogee Therapeutics by 41.2% in the 3rd quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company’s stock valued at $33,000 after buying an additional 246 shares during the period. Brooklyn Investment Group acquired a new position in Apogee Therapeutics in the first quarter valued at about $42,000. AlphaQuest LLC acquired a new position in Apogee Therapeutics in the first quarter valued at about $43,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Apogee Therapeutics by 18.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,779 shares of the company’s stock worth $77,000 after acquiring an additional 272 shares in 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.