Apogee Therapeutics (NASDAQ:APGE) Trading Up 6.9% - Here's What Happened

Key Points

• Apogee Therapeutics' shares rose by 6.9%, reaching a last traded value of $42.48, significantly lower than its average trading volume of 698,102 shares.
• Several analysts have set new price targets for Apogee, with Wedbush at $90.00 and Guggenheim at $116.00, while the overall consensus target price is $92.63.
• The company reported an EPS of ($1.13), missing expectations, and analysts predict it will post EPS of -3.09 for the current year.

Shares of Apogee Therapeutics Inc. (NASDAQ:APGE - Get Free Report) were up 6.9% during mid-day trading on Wednesday . The company traded as high as $40.56 and last traded at $42.48. Approximately 15,554 shares traded hands during trading, a decline of 98% from the average daily volume of 698,102 shares. The stock had previously closed at $39.73.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on APGE. Wedbush reissued an "outperform" rating and set a $90.00 price objective on shares of Apogee Therapeutics in a research note on Monday, August 11th. Royal Bank Of Canada began coverage on shares of Apogee Therapeutics in a research note on Thursday, September 25th. They set an "outperform" rating and a $60.00 price objective for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Apogee Therapeutics in a research note on Wednesday. Citigroup reissued a "buy" rating on shares of Apogee Therapeutics in a research note on Thursday, August 28th. Finally, Guggenheim reissued a "buy" rating and set a $116.00 price objective on shares of Apogee Therapeutics in a research note on Wednesday, July 2nd. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $92.63.

Apogee Therapeutics Trading Up 15.3%

The stock has a market capitalization of $2.11 billion, a PE ratio of -11.10 and a beta of 1.43. The company's 50 day simple moving average is $37.63 and its 200 day simple moving average is $38.17.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($1.13) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.10). As a group, analysts predict that Apogee Therapeutics Inc. will post -3.09 EPS for the current year.

Insider Buying and Selling at Apogee Therapeutics

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,110 shares of Apogee Therapeutics stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $39.80, for a total value of $203,378.00. Following the transaction, the insider owned 284,733 shares in the company, valued at $11,332,373.40. This trade represents a 1.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 10,560 shares of company stock valued at $409,524. 42.77% of the stock is owned by company insiders.

Hedge Funds Weigh In On Apogee Therapeutics

A number of hedge funds have recently made changes to their positions in APGE. California State Teachers Retirement System boosted its holdings in shares of Apogee Therapeutics by 13.1% in the 4th quarter. California State Teachers Retirement System now owns 22,178 shares of the company's stock valued at $1,005,000 after purchasing an additional 2,569 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Apogee Therapeutics by 3,560.1% in 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. Rhumbline Advisers boosted its holdings in shares of Apogee Therapeutics by 3.2% in the 1st quarter. Rhumbline Advisers now owns 54,385 shares of the company's stock valued at $2,032,000 after purchasing an additional 1,665 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Apogee Therapeutics by 93.3% in the 1st quarter. Bank of New York Mellon Corp now owns 214,231 shares of the company's stock valued at $8,004,000 after purchasing an additional 103,404 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Apogee Therapeutics by 4.4% in the 1st quarter. Victory Capital Management Inc. now owns 232,983 shares of the company's stock valued at $8,704,000 after purchasing an additional 9,921 shares during the last quarter. Institutional investors and hedge funds own 79.04% of the company's stock.

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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