Apogee Therapeutics (NASDAQ:APGE) Shares Up 8.8% – Still a Buy?

Apogee Therapeutics, Inc. (NASDAQ:APGE) shares shot up 8.8% during trading on Friday . The company 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.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on APGE. Citigroup began coverage on Apogee Therapeutics in a research note on Thursday, March 13th. They issued a “buy” rating and a $95.00 target price on the stock. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Apogee Therapeutics in a research note on Tuesday, March 11th. Finally, Guggenheim reissued a “buy” rating on shares of Apogee Therapeutics in a research note on Monday, February 10th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $94.60.

Apogee Therapeutics Price Performance

The stock has a 50 day moving average price of $36.39 and a 200-day moving average price of $39.50. The stock has a market capitalization of $1.89 billion, a P/E ratio of -16.93 and a beta of 1.38.

Apogee Therapeutics (NASDAQ:APGE) last announced its quarterly earnings data 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. Research analysts predict that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 2,725 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $36.96, for a total transaction of $100,716.00. Following the completion of the transaction, the insider now owns 241,723 shares in the company, valued at $8,934,082.08. This represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 9,310 shares of company stock valued at $337,944 in the last 90 days. Insiders own 42.77% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

A number of large investors have recently modified their holdings of the stock. Octagon Capital Advisors LP bought a new stake in Apogee Therapeutics during the 1st quarter valued at approximately $399,752,000. Wellington Management Group LLP lifted its holdings in shares of Apogee Therapeutics by 21.4% during 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 during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Apogee Therapeutics during the fourth quarter valued at approximately $32,621,000. Janus Henderson Group PLC lifted its holdings in shares of Apogee Therapeutics by 141.7% during the fourth quarter. Janus Henderson Group PLC now owns 1,135,100 shares of the company’s stock valued at $51,455,000 after purchasing an additional 665,543 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP grew its position in Apogee Therapeutics by 82.9% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 1,283,766 shares of the company’s stock valued at $58,155,000 after purchasing an additional 581,949 shares during the last quarter. Institutional investors own 79.04% of the company’s stock.

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.