Apogee Therapeutics (NASDAQ:APGE) Coverage Initiated at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Apogee Therapeutics (NASDAQ:APGE) in a research report released on Monday, Marketbeat.com reports. The brokerage 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 reissued an “outperform” rating and issued a $87.00 price objective on shares of Apogee Therapeutics in a research report on Tuesday, November 12th. Canaccord Genuity Group initiated coverage on shares of Apogee Therapeutics in a research report on Monday. They set 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 company currently has an average rating of “Buy” and an average target price of $83.50.

Apogee Therapeutics Stock Up 1.7 %

Apogee Therapeutics stock opened at $44.70 on Monday. The stock has a market cap of $2.01 billion, a P/E ratio of -18.47 and a beta of 2.93. The company’s 50 day moving average price is $53.83 and its two-hundred day moving average price is $48.54. Apogee Therapeutics has a 52 week low of $16.39 and a 52 week high of $72.29.

Insider Buying and Selling

In related news, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $47.56, for a total value of $316,987.40. Following the completion of the transaction, the insider now directly owns 280,793 shares in the company, valued at approximately $13,354,515.08. The trade was a 2.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Thomas Henderson sold 40,000 shares of the stock in a transaction on 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 owns 1,354,487 shares in the company, valued at approximately $76,162,804.01. This represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 114,995 shares of company stock valued at $6,128,295. 36.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its holdings in shares of Apogee Therapeutics by 35.7% in the third quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock worth $282,798,000 after buying an additional 1,267,451 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in Apogee Therapeutics by 2.6% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,117,870 shares of the company’s stock worth $83,338,000 after purchasing an additional 54,107 shares in the last quarter. Perceptive Advisors LLC boosted its holdings in Apogee Therapeutics by 2.2% in the 2nd quarter. Perceptive Advisors LLC now owns 2,105,636 shares of the company’s stock valued at $82,857,000 after purchasing an additional 45,241 shares during the period. Vanguard Group Inc. increased its holdings in shares of Apogee Therapeutics by 60.7% in the first quarter. Vanguard Group Inc. now owns 1,868,666 shares of the company’s stock worth $124,173,000 after purchasing an additional 705,795 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Apogee Therapeutics by 51.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,170,327 shares of the company’s stock worth $77,770,000 after buying an additional 399,646 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Company Profile

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.