Apogee Therapeutics (NASDAQ:APGE) Shares Down 4%

Apogee Therapeutics, Inc. (NASDAQ:APGE - Get Free Report)'s share price dropped 4% during trading on Friday . The company traded as low as $51.37 and last traded at $51.62. Approximately 69,087 shares traded hands during trading, a decline of 88% from the average daily volume of 579,815 shares. The stock had previously closed at $53.75.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wedbush reissued an "outperform" rating and issued a $87.00 price target on shares of Apogee Therapeutics in a report on Monday. Bank of America started coverage on shares of Apogee Therapeutics in a research note on Friday, May 10th. They set a "buy" rating and a $80.00 price target for the company. Jefferies Financial Group upped their price objective on Apogee Therapeutics from $37.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, March 6th. Stifel Nicolaus increased their price objective on Apogee Therapeutics from $46.00 to $95.00 and gave the company a "buy" rating in a report on Tuesday, March 5th. Finally, Guggenheim boosted their target price on Apogee Therapeutics from $44.00 to $91.00 and gave the company a "buy" rating in a research note on Tuesday, March 5th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $73.00.

Apogee Therapeutics Stock Performance

The company has a market capitalization of $2.26 billion and a P/E ratio of -9.58. The business has a 50 day moving average of $57.10 and a 200-day moving average of $38.77.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its earnings results on Tuesday, March 5th. The company reported ($0.32) earnings per share for the quarter, topping analysts' consensus estimates of ($0.45) by $0.13. As a group, equities analysts forecast that Apogee Therapeutics, Inc. will post -2.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Apogee Therapeutics

A number of large investors have recently modified their holdings of APGE. Artal Group S.A. bought a new stake in shares of Apogee Therapeutics in the 1st quarter valued at about $10,134,000. Comerica Bank raised its stake in shares of Apogee Therapeutics by 6,103.8% during the first quarter. Comerica Bank now owns 6,576 shares of the company's stock valued at $437,000 after acquiring an additional 6,470 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Apogee Therapeutics by 25.6% during the first quarter. California State Teachers Retirement System now owns 23,002 shares of the company's stock worth $1,528,000 after purchasing an additional 4,693 shares during the period. Kennedy Capital Management LLC bought a new stake in shares of Apogee Therapeutics in the first quarter worth about $212,000. Finally, Bayesian Capital Management LP purchased a new position in Apogee Therapeutics during the 1st quarter valued at about $450,000. 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.