Apogee Therapeutics (NASDAQ:APGE) Reaches New 12-Month Low – Here’s Why

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) hit a new 52-week low during trading on Tuesday . The stock traded as low as $31.90 and last traded at $32.69, with a volume of 128851 shares. The stock had previously closed at $33.37.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wedbush boosted their price target on shares of Apogee Therapeutics from $87.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Guggenheim restated a “buy” rating on shares of Apogee Therapeutics in a research report on Monday, February 10th. Canaccord Genuity Group initiated coverage on Apogee Therapeutics in a research note on Monday, November 25th. They issued a “buy” rating and a $89.00 price objective for the company. Finally, Canaccord Genuity Group assumed coverage on Apogee Therapeutics in a report on Monday, November 25th. They issued a “buy” rating and a $89.00 target price for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $89.71.

Apogee Therapeutics Price Performance

The company has a market cap of $1.48 billion, a PE ratio of -13.63 and a beta of 2.18. The stock’s 50-day moving average is $41.56 and its 200 day moving average is $47.75.

Insider Activity

In other news, insider Carl Dambkowski sold 6,665 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.07, for a total value of $307,056.55. Following the transaction, the insider now directly owns 260,798 shares of the company’s stock, valued at approximately $12,014,963.86. This trade represents a 2.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Mark C. Mckenna acquired 20,000 shares of the stock in a transaction on Thursday, December 12th. The shares were bought at an average cost of $49.54 per share, for a total transaction of $990,800.00. Following the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at $990,800. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold 63,810 shares of company stock valued at $2,903,556 in the last ninety days. Insiders own 36.10% of the company’s stock.

Hedge Funds Weigh In On Apogee Therapeutics

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its stake in Apogee Therapeutics by 35.7% during the 3rd quarter. Wellington Management Group LLP now owns 4,814,400 shares of the company’s stock worth $282,798,000 after purchasing an additional 1,267,451 shares during the period. Driehaus Capital Management LLC raised its stake in shares of Apogee Therapeutics by 2.8% during the fourth quarter. Driehaus Capital Management LLC now owns 2,605,310 shares of the company’s stock worth $118,021,000 after purchasing an additional 71,703 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Apogee Therapeutics by 13.5% during the fourth quarter. Alliancebernstein L.P. now owns 1,355,185 shares of the company’s stock worth $61,390,000 after purchasing an additional 160,822 shares during the period. Paradigm Biocapital Advisors LP grew its position in Apogee Therapeutics by 82.9% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 1,283,766 shares of the company’s stock valued at $58,155,000 after buying an additional 581,949 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Apogee Therapeutics by 141.7% in the 4th quarter. Janus Henderson Group PLC now owns 1,135,100 shares of the company’s stock valued at $51,455,000 after buying an additional 665,543 shares during the period. Hedge funds and other institutional investors own 79.04% of the company’s stock.

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.