Apogee Therapeutics (NASDAQ:APGE) Now Covered by Royal Bank Of Canada

Key Points

• Royal Bank of Canada initiated coverage on Apogee Therapeutics (NASDAQ:APGE) with an "outperform" rating and a price target of $60.00, indicating a potential upside of 56.17% from its previous close.
• The stock has received numerous favorable ratings from various analysts, with a consensus price target of $92.63 and eight analysts recommending a "buy."
• Apogee Therapeutics reported a quarterly loss of ($1.13) earnings per share, missing the consensus estimate and leading to a negative outlook with an expected -3.09 earnings per share for the current year.

Royal Bank Of Canada began coverage on shares of Apogee Therapeutics (NASDAQ:APGE - Get Free Report) in a note issued to investors on Thursday. The firm set an "outperform" rating and a $60.00 price target on the stock. Royal Bank Of Canada's price objective suggests a potential upside of 56.17% from the stock's previous close.

APGE has been the subject of several other research reports. Guggenheim reiterated a "buy" rating and issued a $116.00 target price on shares of Apogee Therapeutics in a report on Wednesday, July 2nd. Citigroup reaffirmed a "buy" rating on shares of Apogee Therapeutics in a research report on Thursday, August 28th. Bank of America boosted their price target 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. BTIG Research boosted their price target on shares of Apogee Therapeutics from $100.00 to $115.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Finally, Zacks Research lowered shares of Apogee Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Apogee Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $92.63.

Apogee Therapeutics Price Performance

NASDAQ APGE opened at $38.42 on Thursday. The stock's fifty day moving average price is $37.70 and its 200 day moving average price is $38.19. Apogee Therapeutics has a 1 year low of $26.20 and a 1 year high of $63.50. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -9.30 and a beta of 1.42.

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

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 2,725 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $37.87, for a total transaction of $103,195.75. Following the completion of the transaction, the insider directly owned 233,548 shares of the company's stock, valued at $8,844,462.76. This trade represents a 1.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 15,540 shares of company stock worth $661,104. 42.77% of the stock is currently owned by company insiders.

Institutional Trading of Apogee Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in APGE. Mirae Asset Global Investments Co. Ltd. raised its stake in Apogee Therapeutics by 18.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,779 shares of the company's stock valued at $77,000 after purchasing an additional 272 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Apogee Therapeutics by 99.2% during the second quarter. Nisa Investment Advisors LLC now owns 769 shares of the company's stock worth $33,000 after purchasing an additional 383 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Apogee Therapeutics by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,529 shares of the company's stock worth $921,000 after purchasing an additional 694 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Apogee Therapeutics by 34.7% during the second quarter. BNP Paribas Financial Markets now owns 3,649 shares of the company's stock worth $158,000 after purchasing an additional 941 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in Apogee Therapeutics by 13.3% in the second quarter. Handelsbanken Fonder AB now owns 8,500 shares of the company's stock valued at $369,000 after acquiring an additional 1,000 shares during the last quarter. 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.

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