Wedbush Reaffirms Outperform Rating for Apogee Therapeutics (NASDAQ:APGE)

Apogee Therapeutics (NASDAQ:APGE - Get Free Report)'s stock had its "outperform" rating restated by analysts at Wedbush in a report issued on Monday,RTT News reports. They currently have a $90.00 price objective on the stock. Wedbush's price objective would suggest a potential upside of 125.05% from the stock's current price.

APGE has been the topic of several other reports. Citigroup assumed coverage on shares of Apogee Therapeutics in a research note on Thursday, March 13th. They set a "buy" rating and a $95.00 price target on the stock. Guggenheim reiterated a "buy" rating and set a $116.00 target price on shares of Apogee Therapeutics in a research report on Wednesday, July 2nd. Finally, BTIG Research lifted their price target on Apogee Therapeutics from $100.00 to $115.00 and gave the company a "buy" rating in a report on Monday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $99.00.

Apogee Therapeutics Stock Performance

Shares of NASDAQ:APGE traded down $7.47 on Monday, hitting $39.99. 4,400,502 shares of the company's stock were exchanged, compared to its average volume of 718,587. The company has a market capitalization of $1.84 billion, a PE ratio of -11.11 and a beta of 1.47. Apogee Therapeutics has a 1-year low of $26.20 and a 1-year high of $63.50. The firm's 50-day moving average is $40.36 and its 200 day moving average is $39.00.

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

Insider Activity

In related news, insider Carl Dambkowski sold 10,090 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $45.09, for a total transaction of $454,958.10. Following the completion of the transaction, the insider owned 238,998 shares of the company's stock, valued at approximately $10,776,419.82. The trade was a 4.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 15,540 shares of company stock valued at $653,093 over the last quarter. 42.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Octagon Capital Advisors LP acquired a new stake in shares of Apogee Therapeutics in the first quarter valued at approximately $399,752,000. Wellington Management Group LLP raised its stake in Apogee Therapeutics by 21.4% in the first quarter. Wellington Management Group LLP now owns 5,485,754 shares of the company's stock valued at $204,948,000 after purchasing an additional 968,391 shares in the last quarter. Driehaus Capital Management LLC increased its holdings in Apogee Therapeutics by 2.8% during the 4th quarter. Driehaus Capital Management LLC now owns 2,605,310 shares of the company's stock valued at $118,021,000 after purchasing an additional 71,703 shares during the period. Alliancebernstein L.P. raised its holdings in Apogee Therapeutics by 13.5% in the 4th quarter. Alliancebernstein L.P. now owns 1,355,185 shares of the company's stock worth $61,390,000 after acquiring an additional 160,822 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP increased its position in Apogee Therapeutics by 82.9% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 1,283,766 shares of the company's stock valued at $58,155,000 after acquiring an additional 581,949 shares during the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

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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