Apogee Therapeutics (NASDAQ:APGE) Reaches New 12-Month High – What’s Next?

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE) hit a new 52-week high during trading on Wednesday . The stock traded as high as $63.84 and last traded at $62.95, with a volume of 1525473 shares trading hands. The stock had previously closed at $56.77.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Royal Bank Of Canada upped their target price on shares of Apogee Therapeutics from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Apogee Therapeutics in a report on Wednesday, October 8th. Mizuho initiated coverage on shares of Apogee Therapeutics in a report on Tuesday, October 21st. They issued an “outperform” rating and a $105.00 price target on the stock. Bank of America raised their price objective on Apogee Therapeutics from $78.00 to $87.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Finally, Craig Hallum assumed coverage on 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 research 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $96.50.

Apogee Therapeutics Stock Up 0.7%

The firm has a market cap of $2.92 billion, a PE ratio of -14.50 and a beta of 1.50. The business has a 50 day simple moving average of $46.55 and a two-hundred day simple moving average of $41.77.

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

Insider Buying and Selling at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 10,785 shares of the 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 directly owned 282,008 shares in the company, valued at $15,530,180.56. This represents a 3.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 18,620 shares of company stock valued at $900,504 in the last ninety days. Insiders own 42.77% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Octagon Capital Advisors LP purchased a new stake in shares of Apogee Therapeutics during the first quarter valued at about $399,752,000. Wellington Management Group LLP lifted its position in Apogee Therapeutics by 21.4% during the first quarter. Wellington Management Group LLP now owns 5,485,754 shares of the company’s stock valued at $204,948,000 after acquiring an additional 968,391 shares during the last quarter. Vanguard Group Inc. boosted its stake in Apogee Therapeutics by 6.5% in the third quarter. Vanguard Group Inc. now owns 2,245,631 shares of the company’s stock valued at $89,219,000 after acquiring an additional 136,693 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Apogee Therapeutics by 8.4% in the second quarter. Alliancebernstein L.P. now owns 1,388,149 shares of the company’s stock worth $60,287,000 after purchasing an additional 107,199 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Apogee Therapeutics by 77.5% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,290,464 shares of the company’s stock worth $56,045,000 after purchasing an additional 563,464 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

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.