Apogee Therapeutics (NASDAQ:APGE) Trading 6.9% Higher - Should You Buy?

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) shot up 6.9% during trading on Thursday . The company traded as high as $47.71 and last traded at $47.38. 506,642 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 562,442 shares. The stock had previously closed at $44.32.

Wall Street Analyst Weigh In

APGE has been the topic of a number of analyst reports. Citigroup started coverage on shares of Apogee Therapeutics in a report on Thursday, March 13th. They set a "buy" rating and a $95.00 target price on the stock. Wedbush restated an "outperform" rating and set a $90.00 price target on shares of Apogee Therapeutics in a research report on Tuesday, March 11th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $116.00 price target on shares of Apogee Therapeutics in a report on Wednesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Apogee Therapeutics currently has an average rating of "Buy" and an average target price of $95.80.

Apogee Therapeutics Price Performance

The company has a fifty day moving average price of $40.36 and a 200 day moving average price of $39.10. The company has a market cap of $2.19 billion, a PE ratio of -13.21 and a beta of 1.47.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.95) EPS for the quarter, topping analysts' consensus estimates of ($1.19) by $0.24. As a group, sell-side analysts predict that Apogee Therapeutics Inc. will post -3.09 EPS for the current fiscal year.

Insider Activity

In related news, insider Carl Dambkowski sold 10,090 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $45.09, for a total value of $454,958.10. Following the transaction, the insider owned 238,998 shares of the company's stock, valued at $10,776,419.82. This represents a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 15,540 shares of company stock worth $653,093. Insiders own 42.77% of the company's stock.

Hedge Funds Weigh In On Apogee Therapeutics

A number of large investors have recently modified their holdings of the company. Brooklyn Investment Group purchased a new stake in Apogee Therapeutics in the first quarter worth approximately $42,000. GF Fund Management CO. LTD. bought a new stake in shares of Apogee Therapeutics in the 4th quarter worth approximately $43,000. AlphaQuest LLC purchased a new stake in shares of Apogee Therapeutics in the 1st quarter valued at $43,000. GAMMA Investing LLC grew its holdings in shares of Apogee Therapeutics by 3,560.1% during the 1st quarter. GAMMA Investing LLC now owns 5,417 shares of the company's stock valued at $202,000 after purchasing an additional 5,269 shares during the last quarter. Finally, Optimize Financial Inc purchased a new position in Apogee Therapeutics in the 4th quarter worth $203,000. 79.04% of the stock is owned by hedge funds and other 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.