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

Apogee Therapeutics (NASDAQ:APGE)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $87.00 target price on the stock. Wedbush’s price objective indicates a potential upside of 63.44% from the stock’s current price.

Apogee Therapeutics Price Performance

Apogee Therapeutics stock opened at $53.23 on Friday. The stock has a market capitalization of $3.11 billion, a P/E ratio of -10.14 and a beta of 2.75. Apogee Therapeutics has a 12-month low of $14.19 and a 12-month high of $72.29. The firm’s 50-day moving average is $52.69 and its two-hundred day moving average is $48.43.

Apogee Therapeutics (NASDAQ:APGE) last announced its earnings results on Monday, August 12th. The company reported ($0.60) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.60). As a group, analysts forecast that Apogee Therapeutics will post -2.57 EPS for the current year.

Insider Activity at Apogee Therapeutics

In related news, insider Carl Dambkowski sold 6,665 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $56.26, for a total value of $374,972.90. Following the completion of the sale, the insider now directly owns 274,128 shares in the company, valued at approximately $15,422,441.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Michael Thomas Henderson sold 40,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $40.62, for a total value of $1,624,800.00. Following the transaction, the chief executive officer now owns 1,434,487 shares in the company, valued at approximately $58,268,861.94. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Carl Dambkowski sold 6,665 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $56.26, for a total value of $374,972.90. Following the sale, the insider now owns 274,128 shares of the company’s stock, valued at $15,422,441.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,665 shares of company stock worth $7,058,635. 36.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Apogee Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Arizona State Retirement System raised its holdings in Apogee Therapeutics by 4.5% in the second quarter. Arizona State Retirement System now owns 5,993 shares of the company’s stock valued at $236,000 after buying an additional 258 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Apogee Therapeutics by 21.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,628 shares of the company’s stock valued at $94,000 after acquiring an additional 285 shares during the period. EntryPoint Capital LLC lifted its holdings in shares of Apogee Therapeutics by 44.7% during the 1st quarter. EntryPoint Capital LLC now owns 1,997 shares of the company’s stock valued at $133,000 after acquiring an additional 617 shares in the last quarter. Principal Financial Group Inc. boosted its position in Apogee Therapeutics by 26.3% during the 2nd quarter. Principal Financial Group Inc. now owns 6,442 shares of the company’s stock worth $253,000 after purchasing an additional 1,340 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in Apogee Therapeutics by 25.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 8,800 shares of the company’s stock valued at $517,000 after purchasing an additional 1,800 shares in 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.