Apogee Therapeutics (NASDAQ:APGE) Given New $70.00 Price Target at Royal Bank Of Canada

Apogee Therapeutics (NASDAQ:APGE) had its price target lifted by Royal Bank Of Canada from $60.00 to $70.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities analysts have also issued reports on APGE. Bank of America upped their target price on Apogee Therapeutics from $78.00 to $87.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Citigroup reaffirmed a “buy” rating on shares of Apogee Therapeutics in a research report on Thursday, August 28th. Mizuho assumed coverage on Apogee Therapeutics in a research report on Tuesday, October 21st. They issued an “outperform” rating and a $105.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Apogee Therapeutics in a research report on Wednesday, October 8th. Finally, Craig Hallum assumed coverage on Apogee Therapeutics in a research report on Monday. They set a “buy” rating and a $109.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $96.50.

Apogee Therapeutics Stock Down 4.0%

Shares of APGE opened at $54.35 on Monday. The business’s 50 day moving average is $44.23 and its two-hundred day moving average is $40.88. Apogee Therapeutics has a 52-week low of $26.20 and a 52-week high of $63.50. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -13.16 and a beta of 1.50.

Apogee Therapeutics (NASDAQ:APGE) last announced its earnings results on Monday, August 11th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.10). On average, equities analysts expect that Apogee Therapeutics will post -3.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,110 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $39.80, for a total value of $203,378.00. Following the sale, the insider directly owned 284,733 shares of the company’s stock, valued at $11,332,373.40. This trade represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 10,560 shares of company stock valued at $409,524 over the last quarter. 42.77% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apogee Therapeutics

Several large investors have recently added to or reduced their stakes in APGE. Octagon Capital Advisors LP acquired a new stake in Apogee Therapeutics in the first quarter worth $399,752,000. Wellington Management Group LLP increased its position in Apogee Therapeutics by 21.4% in the first quarter. Wellington Management Group LLP now owns 5,485,754 shares of the company’s stock worth $204,948,000 after buying an additional 968,391 shares during the period. Adage Capital Partners GP L.L.C. increased its position in Apogee Therapeutics by 77.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,290,464 shares of the company’s stock worth $56,045,000 after buying an additional 563,464 shares during the period. Jefferies Financial Group Inc. increased its position in Apogee Therapeutics by 52.3% in the second quarter. Jefferies Financial Group Inc. now owns 642,357 shares of the company’s stock worth $27,898,000 after buying an additional 220,561 shares during the period. Finally, Affinity Asset Advisors LLC increased its position in Apogee Therapeutics by 23.6% in the first quarter. Affinity Asset Advisors LLC now owns 1,151,199 shares of the company’s stock worth $43,009,000 after buying an additional 219,471 shares during the period. 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.