Mark C. McKenna, a director at Apogee (NASDAQ:APOG) Therapeutics, Inc. (NASDAQ:APGE), made significant stock purchases recently, as detailed in a recent SEC filing. McKenna acquired a total of 20,000 shares of common stock on December 12, 2024, with a total transaction value of approximately $990,775. The purchase comes as the $2.53 billion market cap company's stock has declined about 9% over the past week, though it has delivered an impressive 95% return over the past year.
The shares were purchased at a weighted average price, with transactions occurring between $49.02 and $49.85 per share. This acquisition increases McKenna's direct ownership in the company to 20,000 shares. According to InvestingPro, analysts maintain bullish price targets ranging from $80 to $110, suggesting potential upside from current levels.
These transactions reflect McKenna's continued investment in Apogee Therapeutics, a company operating in the biological products sector. The company maintains a strong financial health score according to InvestingPro, with more cash than debt on its balance sheet and liquid assets exceeding short-term obligations.
In other recent news, Apogee Therapeutics has been making significant strides in its clinical trials and product development. The company reported promising results from its ongoing Phase 1 clinical trial of APG777, a treatment for moderate-to-severe atopic dermatitis. Guggenheim and Stifel have maintained their Buy ratings on Apogee, with Guggenheim raising the price target to $110 from the previous $95.
The company also initiated a Phase 1 trial for APG990, with interim data expected in 2025. Apogee's financial position remains strong, with $790 million in assets projected to support the continuing development of its pipeline into 2028. In terms of corporate growth, Jeff S. Hartness has been appointed as the new Chief Commercial Officer, and Dr. Lisa Bollinger has joined the board of directors.
According to Guggenheim, Apogee's focus on developing mono and combo assets that are not only differentiated by dosing duration but also have the potential to be best-in-class/first-in-class (BIC/FIC), could lead to significant growth in the company's value. These are the recent developments at Apogee Therapeutics.
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