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Investing.com - Craig-Hallum initiated coverage on Apogee Therapeutics Inc (NASDAQ:APGE) with a Buy rating and a price target of $109.00 on Monday.
The research firm cited Apogee as a "catalyst-rich differentiation story" with validated IL-13 biology but potentially superior durability and less frequent dosing options, including quarterly and biannual administration.
Apogee Therapeutics shares have gained 25% year-to-date, matching the performance of the XBI biotech index, and currently reflect an enterprise value of approximately $2.8 billion on a pro forma basis.
Craig-Hallum expects multiple data readouts over the next 6-12 months that could strengthen Apogee’s position as a best-in-class treatment with expansion potential beyond its current indications.
In its bull case scenarios, the firm projects Apogee shares could rise 85-180% or more, driven by upcoming catalysts including 52-week Phase 2 atopic dermatitis data, high-dose Part B results, Phase 1b combination head-to-head results versus dupilumab, and Phase 1b asthma data.
In other recent news, Apogee Therapeutics has successfully closed its public offering, raising approximately $345 million in gross proceeds. This was achieved by selling over 8 million shares of common stock at $41.00 per share, including the full exercise of underwriters’ options. The net proceeds from this offering, after deductions, are expected to be around $323.3 million. In the realm of analyst ratings, RBC Capital has raised its price target for Apogee Therapeutics to $70, maintaining an Outperform rating. This adjustment follows discussions with the company’s senior management regarding updates on clinical programs. Mizuho has also initiated coverage on Apogee Therapeutics with an Outperform rating and a $105 price target, highlighting the potential of the company’s anti-IL-13 monoclonal antibody, APG777, in treating inflammatory diseases like atopic dermatitis. These developments reflect a period of active financial and strategic positioning for Apogee Therapeutics.
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