Apogee Therapeutics (NASDAQ:APGE) Shares Down 6% – What’s Next?

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares traded down 6% during trading on Thursday . The stock traded as low as $48.52 and last traded at $48.92. 277,701 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 497,248 shares. The stock had previously closed at $52.02.

Analyst Ratings Changes

Several analysts recently commented on the company. Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 price objective for the company. Wedbush lifted their price objective on Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday. Guggenheim reaffirmed a “buy” rating and issued a $110.00 price objective (up previously from $95.00) on shares of Apogee Therapeutics in a report on Tuesday. Finally, Canaccord Genuity Group started coverage on Apogee Therapeutics in a report on Monday, November 25th. They set a “buy” rating and a $89.00 price target for the company. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $83.88.

Apogee Therapeutics Price Performance

The company has a 50-day moving average price of $52.78 and a 200 day moving average price of $48.33. The firm has a market capitalization of $2.22 billion, a PE ratio of -21.50 and a beta of 2.30.

Insider Activity

In related news, CEO Michael Thomas Henderson sold 40,000 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $56.23, for a total value of $2,249,200.00. Following the sale, the chief executive officer now directly owns 1,354,487 shares in the company, valued at approximately $76,162,804.01. The trade was a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Carl Dambkowski sold 6,665 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $56.26, for a total value of $374,972.90. Following the completion of the sale, the insider now owns 274,128 shares in the company, valued at $15,422,441.28. This represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,330 shares of company stock worth $3,906,508 over the last ninety days. Corporate insiders own 36.10% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Apogee Therapeutics during the third quarter valued at approximately $71,000. Mirae Asset Global Investments Co. Ltd. raised its position in Apogee Therapeutics by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock valued at $94,000 after purchasing an additional 285 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Apogee Therapeutics during the second quarter valued at approximately $143,000. Wexford Capital LP purchased a new stake in Apogee Therapeutics during the third quarter valued at approximately $230,000. Finally, Intech Investment Management LLC purchased a new stake in Apogee Therapeutics during the third quarter valued at approximately $300,000. 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.