Apogee Therapeutics Stock Price Increases Following Insider Purchase

Shares of Apogee Therapeutics, Inc. (NASDAQ:APGE) experienced a notable increase of 6.1% during mid-day trading on Tuesday, following significant insider buying activity. The stock reached a peak price of $47.79 before closing at $47.21, which was an increase from its previous close of $44.50. During this trading session, around 9,082 shares changed hands, marking a dramatic decline of 98% from the daily average volume of 501,829 shares.

Notably, Director Mark C. Mckenna made a substantial purchase of 20,000 shares on December 12th, with transactions totaling approximately $990,800. The shares were purchased at an average price of $49.54 each, which increased Mckenna's holdings to 20,000 shares valued at that amount. This insider transaction was reported to the Securities and Exchange Commission (SEC) and can be viewed on their official website.

Market Outlook and Analyst Opinions

Several analysts have recently issued reports regarding Apogee Therapeutics. Guggenheim reaffirmed a “buy” rating on the company's shares on December 12th. Additionally, Canaccord Genuity Group initiated coverage with a “buy” rating and set a price target of $89.00 in a report released on November 25th. Meanwhile, Wedbush raised its price target from $87.00 to $90.00 while maintaining an “outperform” rating as of December 2nd. According to MarketBeat.com, a total of eight analysts currently rate the stock as a buy, resulting in a consensus rating of “Buy” with an average price target set at $83.88.

Company Overview

Apogee Therapeutics has a market capitalization of approximately $2.17 billion. The company reports a negative P/E ratio of -19.87 and has a beta of 2.30. Its 50-day simple moving average is noted to be $51.11 and the 200-day simple moving average stands at $48.32.

Investor Activity Insights

Recent activity among institutional investors has shown increased interest in Apogee Therapeutics. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake during the third quarter, valued at approximately $71,000. Similarly, Mirae Asset Global Investments Co. Ltd. enhanced its position by 21.2% during the same period, bringing their total share count to 1,628, now valued at $94,000. Other investors, like Allspring Global Investments and Wexford Capital, have also entered new positions in the company. Currently, institutional investors own 79.04% of the stock.

Apogee Therapeutics Business Model

Apogee Therapeutics operates in the biotechnology sector, specializing in the development of biologics aimed at treating conditions like atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and other related inflammatory and immunology conditions. The company is primarily focused on the development of APG777, a subcutaneous extended half-life monoclonal antibody targeting AD, and APG808, designed for COPD treatment.

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