Apogee Therapeutics (NASDAQ:APGE) Trading Up 8.8% - Here's Why

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report) shot up 8.8% during mid-day trading on Friday . The company traded as high as $40.50 and last traded at $40.96. 278,302 shares changed hands during 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 analysts recently issued reports on APGE shares. Citigroup assumed coverage on Apogee Therapeutics in a research report on Thursday, March 13th. They set a "buy" rating and a $95.00 target price on the stock. Guggenheim restated a "buy" rating on shares of Apogee Therapeutics in a research note on Monday, February 10th. Finally, Wedbush restated an "outperform" rating and issued a $90.00 price objective on shares of Apogee Therapeutics in a research note on Tuesday, March 11th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Apogee Therapeutics currently has an average rating of "Buy" and an average price target of $94.60.

Apogee Therapeutics Trading Up 12.4%

The firm has a market cap of $1.95 billion, a P/E ratio of -17.45 and a beta of 1.70. The stock's fifty day moving average is $36.28 and its two-hundred day moving average is $39.58.

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, beating analysts' consensus estimates of ($1.19) by $0.24. On average, analysts forecast that Apogee Therapeutics, Inc. will post -3.09 EPS for the current year.

Insider Buying and Selling

In other Apogee Therapeutics news, insider Carl Dambkowski sold 2,725 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $35.75, for a total value of $97,418.75. Following the completion of the sale, the insider now directly owns 244,448 shares of the company's stock, valued at $8,739,016. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 42.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GF Fund Management CO. LTD. purchased a new stake in shares of Apogee Therapeutics in the fourth quarter worth $43,000. Brooklyn Investment Group purchased a new position in shares of Apogee Therapeutics in the 1st quarter worth about $42,000. AlphaQuest LLC bought a new position in Apogee Therapeutics in the 1st quarter worth about $43,000. Optimize Financial Inc purchased a new stake in Apogee Therapeutics during the 4th quarter valued at about $203,000. Finally, Aigen Investment Management LP purchased a new stake in Apogee Therapeutics during the 4th quarter valued at about $216,000. Hedge funds and other institutional investors 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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