Canaccord Genuity Group Initiates Coverage on Apogee Therapeutics (NASDAQ:APGE)

Canaccord Genuity Group began coverage on shares of Apogee Therapeutics (NASDAQ:APGE) in a research report sent to investors on Monday, Marketbeat Ratings reports. The firm issued a buy rating and a $89.00 price target on the stock.

Separately, Wedbush reaffirmed an “outperform” rating and issued a $87.00 target price on shares of Apogee Therapeutics in a report on Tuesday, November 12th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $83.50.

Apogee Therapeutics Stock Performance

Shares of Apogee Therapeutics stock opened at $44.70 on Monday. Apogee Therapeutics has a one year low of $16.39 and a one year high of $72.29. The company has a market cap of $2.01 billion, a PE ratio of -18.47 and a beta of 2.93. The business has a 50-day simple moving average of $53.83 and a 200-day simple moving average of $48.54.

Insider Activity at Apogee Therapeutics

In other news, CEO Michael Thomas Henderson sold 40,000 shares of Apogee Therapeutics stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $56.23, for a total value of $2,249,200.00. Following the completion of the transaction, the chief executive officer now 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 legal filing with the SEC, which is accessible through this link. Also, insider Carl Dambkowski sold 6,665 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $59.12, for a total value of $394,034.80. Following the transaction, the insider now directly owns 267,463 shares in the company, valued at $15,812,412.56. This trade represents a 2.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 114,995 shares of company stock worth $6,128,295 in the last quarter. 36.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position 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 valued at $124,173,000 after purchasing an additional 705,795 shares during the period. Point72 DIFC Ltd bought a new stake in Apogee Therapeutics during the second quarter worth $660,000. XTX Topco Ltd acquired a new stake in Apogee Therapeutics in the second quarter valued at approximately $706,000. Victory Capital Management Inc. grew its holdings in shares of Apogee Therapeutics by 56.8% during the second quarter. Victory Capital Management Inc. now owns 156,266 shares of the company’s stock worth $6,149,000 after purchasing an additional 56,607 shares during the last quarter. Finally, Waypoint Capital Advisors LLC bought a new position in shares of Apogee Therapeutics during the third quarter valued at $36,835,000. 79.04% of the stock is currently owned by institutional investors.

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.