Apogee Therapeutics (NASDAQ:APGE) Stock Price Down 3.2% – Here’s Why

Apogee Therapeutics, Inc. (NASDAQ:APGE)’s stock price traded down 3.2% during trading on Friday . The company traded as low as $45.51 and last traded at $45.51. 53,502 shares were traded during mid-day trading, a decline of 89% from the average session volume of 501,829 shares. The stock had previously closed at $47.02.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group started coverage on Apogee Therapeutics in a research report on Monday, November 25th. They issued a “buy” rating and a $89.00 price objective for the company. Wedbush upped their price target on Apogee Therapeutics from $87.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Canaccord Genuity Group began coverage on shares of Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 price target for the company. Finally, Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a research note on Thursday, December 12th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $83.88.

Apogee Therapeutics Stock Up 1.8 %

The stock has a 50-day moving average of $50.78 and a 200 day moving average of $48.29. The company has a market capitalization of $2.15 billion, a PE ratio of -19.78 and a beta of 2.30.

Insider Activity

In other Apogee Therapeutics news, Director Mark C. Mckenna bought 20,000 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were acquired at an average cost of $49.54 per share, for a total transaction of $990,800.00. Following the purchase, the director now owns 20,000 shares in the company, valued at approximately $990,800. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Carl Dambkowski sold 6,665 shares of Apogee Therapeutics stock in a transaction on 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 directly owns 274,128 shares of the company’s stock, valued at $15,422,441.28. The trade was a 2.37 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,535 shares of company stock worth $5,133,635. 36.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new stake in Apogee Therapeutics during the second quarter valued at approximately $143,000. Principal Financial Group Inc. lifted its holdings in Apogee Therapeutics by 26.3% during the second quarter. Principal Financial Group Inc. now owns 6,442 shares of the company’s stock worth $253,000 after buying an additional 1,340 shares during the period. Victory Capital Management Inc. lifted its position 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 valued at $6,149,000 after buying an additional 56,607 shares during the last quarter. Arizona State Retirement System increased its position in shares of Apogee Therapeutics by 4.5% during the second quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock worth $236,000 after purchasing an additional 258 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Apogee Therapeutics during the second quarter valued at about $272,000. 79.04% of the stock is currently 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.