Apogee Therapeutics (NASDAQ:APGE) Stock Price Up 8.8% - Here's What Happened

Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report)'s share price shot up 8.8% during mid-day trading on Friday . The stock traded as high as $40.50 and last traded at $40.96. 278,302 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 535,869 shares. The stock had previously closed at $37.65.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on APGE. Wedbush reissued an "outperform" rating and issued a $90.00 target price on shares of Apogee Therapeutics in a report on Tuesday, March 11th. Guggenheim reaffirmed a "buy" rating on shares of Apogee Therapeutics in a report on Monday, February 10th. Finally, Citigroup started coverage on shares of Apogee Therapeutics in a report on Thursday, March 13th. They set a "buy" rating and a $95.00 price objective for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $94.60.

Apogee Therapeutics Stock Down 2.1%

The business's fifty day moving average is $36.44 and its two-hundred day moving average is $39.45. The stock has a market capitalization of $1.85 billion, a PE ratio of -16.58 and a beta of 1.38.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.95) earnings per share for the quarter, beating analysts' consensus estimates of ($1.19) by $0.24. Sell-side analysts expect that Apogee Therapeutics, Inc. will post -3.09 EPS for the current fiscal year.

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 2,725 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $36.96, for a total value of $100,716.00. Following the completion of the sale, the insider now directly owns 241,723 shares in the company, valued at $8,934,082.08. This trade represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders sold 9,310 shares of company stock valued at $337,944. 42.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of APGE. Brooklyn Investment Group purchased a new position in Apogee Therapeutics during the first quarter worth $42,000. GF Fund Management CO. LTD. purchased a new position in Apogee Therapeutics during the fourth quarter worth $43,000. AlphaQuest LLC purchased a new position in Apogee Therapeutics during the first quarter worth $43,000. GAMMA Investing LLC boosted its stake in Apogee Therapeutics by 3,560.1% during the first quarter. GAMMA Investing LLC now owns 5,417 shares of the company's stock worth $202,000 after buying an additional 5,269 shares during the period. Finally, Optimize Financial Inc purchased a new position in Apogee Therapeutics during the fourth quarter worth $203,000. 79.04% of the stock is owned by hedge funds and other institutional investors.

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.