Apogee Therapeutics (NASDAQ:APGE) Given "Buy" Rating at BTIG Research

Key Points

• Apogee Therapeutics' stock has received a "buy" rating from BTIG Research with a price target of $115.00, suggesting a potential upside of 125.76% from its current price.
• Other analysts have shown mixed ratings, with Bank of America increasing its target to $87.00 while Zacks downgraded the stock to a "hold" rating.
• The company's stock traded at $50.94 recently, seeing a significant increase in trading volume and currently has a market cap of $2.35 billion.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at BTIG Research in a research report issued on Thursday,Benzinga reports. They presently have a $115.00 price objective on the stock. BTIG Research's price target indicates a potential upside of 125.76% from the stock's current price.

APGE has been the subject of several other reports. Bank of America boosted their price objective on shares of Apogee Therapeutics from $78.00 to $87.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Citigroup restated a "buy" rating on shares of Apogee Therapeutics in a research report on Thursday, August 28th. Zacks Research downgraded shares of Apogee Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Guggenheim restated a "buy" rating and set a $116.00 price objective on shares of Apogee Therapeutics in a research report on Wednesday, July 2nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Apogee Therapeutics in a research report on Wednesday. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $92.63.

Apogee Therapeutics Stock Performance

Shares of NASDAQ APGE traded up $3.70 during midday trading on Thursday, reaching $50.94. The company's stock had a trading volume of 1,741,719 shares, compared to its average volume of 707,512. Apogee Therapeutics has a fifty-two week low of $26.20 and a fifty-two week high of $63.50. The business's 50 day moving average price is $37.82 and its two-hundred day moving average price is $38.23. The company has a market cap of $2.35 billion, a P/E ratio of -12.35 and a beta of 1.43.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.10). Sell-side analysts forecast that Apogee Therapeutics will post -3.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Carl Dambkowski sold 5,110 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $39.80, for a total value of $203,378.00. Following the completion of the sale, the insider directly owned 284,733 shares in the company, valued at $11,332,373.40. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 10,560 shares of company stock valued at $409,524 in the last three months. Corporate insiders own 42.77% of the company's stock.

Institutional Trading of Apogee Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of APGE. Octagon Capital Advisors LP acquired a new stake in Apogee Therapeutics in the first quarter valued at $399,752,000. Wellington Management Group LLP boosted 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. Adage Capital Partners GP L.L.C. boosted its position in 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 valued at $56,045,000 after acquiring an additional 563,464 shares during the last quarter. Jefferies Financial Group Inc. boosted its position in Apogee Therapeutics by 52.3% during the second quarter. Jefferies Financial Group Inc. now owns 642,357 shares of the company's stock valued at $27,898,000 after acquiring an additional 220,561 shares during the last quarter. Finally, Affinity Asset Advisors LLC boosted its position in Apogee Therapeutics by 23.6% during the first quarter. Affinity Asset Advisors LLC now owns 1,151,199 shares of the company's stock valued at $43,009,000 after acquiring an additional 219,471 shares during the last quarter. 79.04% of the stock is currently owned by institutional investors and hedge funds.

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.

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