Apogee Therapeutics (NASDAQ:APGE) Hits New 52-Week High – Still a Buy?

Apogee Therapeutics Inc. (NASDAQ:APGE) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $74.85 and last traded at $74.6250, with a volume of 586587 shares traded. The stock had previously closed at $69.13.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on APGE. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Apogee Therapeutics in a report on Monday, August 11th. Bank of America increased their target price on Apogee Therapeutics from $78.00 to $87.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Craig Hallum initiated coverage on Apogee Therapeutics in a report on Monday, November 3rd. They issued a “buy” rating and a $109.00 target price on the stock. Citigroup reiterated a “buy” rating on shares of Apogee Therapeutics in a report on Thursday, August 28th. Finally, Royal Bank Of Canada raised their price objective on shares of Apogee Therapeutics from $60.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $98.38.

Apogee Therapeutics Stock Performance

The company has a market cap of $5.24 billion, a P/E ratio of -17.52 and a beta of 1.41. The stock has a 50-day simple moving average of $56.82 and a 200 day simple moving average of $45.18.

Apogee Therapeutics (NASDAQ:APGE) last released its quarterly earnings data on Monday, November 10th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.03. Sell-side analysts anticipate that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Apogee Therapeutics

In other news, insider Carl Dambkowski sold 10,785 shares of the stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $55.07, for a total value of $593,929.95. Following the completion of the transaction, the insider owned 282,008 shares in the company, valued at approximately $15,530,180.56. This represents a 3.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Thomas Henderson sold 20,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $63.01, for a total transaction of $1,260,200.00. Following the transaction, the chief executive officer directly owned 1,272,987 shares of the company’s stock, valued at $80,210,910.87. The trade was a 1.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 35,895 shares of company stock worth $2,057,508 in the last three months. Insiders own 42.77% of the company’s stock.

Institutional Investors Weigh In On Apogee Therapeutics

A number of institutional investors have recently added to or reduced their stakes in APGE. Invesco Ltd. raised its holdings in shares of Apogee Therapeutics by 14.4% in the 1st quarter. Invesco Ltd. now owns 24,310 shares of the company’s stock worth $908,000 after buying an additional 3,054 shares in the last quarter. Nuveen LLC acquired a new stake in Apogee Therapeutics in the 1st quarter valued at $4,142,000. Brooklyn Investment Group bought a new stake in Apogee Therapeutics in the first quarter valued at $42,000. Wellington Management Group LLP raised its stake in Apogee Therapeutics by 21.4% during the first quarter. Wellington Management Group LLP now owns 5,485,754 shares of the company’s stock worth $204,948,000 after acquiring an additional 968,391 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in shares of Apogee Therapeutics during the first quarter valued at $43,000. 79.04% of the stock is owned by institutional investors and hedge funds.

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.