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TD Cowen maintained its buy rating on Apogee (NASDAQ:APOG) Therapeutics Inc (NASDAQ:APGE), currently trading at $43.02, as the company approaches a significant clinical milestone. The stock has shown strong momentum, gaining over 15% in the past week.
The investment firm cited the upcoming Phase II atopic dermatitis trial results for APG777 as "one of the more value-creating catalysts this year." These 16-week data from Part A of the trial are expected in early summer. According to InvestingPro, all analysts covering the stock maintain a Buy rating, with price targets ranging from $78 to $116.
TD Cowen expressed "a high level of confidence" that APG777 will demonstrate efficacy comparable to existing treatments lebrikizumab and dupilumab. The firm noted that APG777’s quarterly dosing schedule could lead to widespread adoption among patients.
The research note highlighted that APG777’s 30-40% greater exposure compared to alternatives could potentially result in improved efficacy outcomes. The analyst also mentioned that Part B of the trial provides "a strong safety net" for the development program.
TD Cowen projects that the atopic dermatitis market could eventually reach $50 billion, with APG777 potentially capturing significant market share if the upcoming trial results prove successful.
In other recent news, Apogee Therapeutics reported its financial outcomes for the first quarter of 2025, revealing cash reserves totaling $681.4 million, which are expected to support operations until early 2028. The company has also signed a manufacturing agreement with Samsung (KS:005930) Biologics for the production of its drug substance, APG777, to support clinical development and potential commercial sale. Analysts from Canaccord Genuity, BTIG, and Stifel have all maintained Buy ratings on Apogee’s stock, with price targets of $89, $100, and $95, respectively, reflecting confidence in the company’s drug pipeline and financial stability. Apogee’s lead drug candidate, APG777, is undergoing several clinical trials, with significant data from the Phase 2b trial for atopic dermatitis expected in mid-2025.
Stifel analysts emphasized the drug’s potential, citing its successful Phase 1 data and the upcoming Phase 2a induction results as critical milestones. BTIG’s analysis highlighted independent market research indicating strong physician and patient interest in APG777’s quarterly injectable dosing regimen. Apogee is also expanding its research into other indications, including asthma and eosinophilic esophagitis, with various trials underway. The strategic approach of Apogee’s management, including potential funding initiatives based on clinical data strength, was noted as a positive factor by Canaccord Genuity. These developments underscore Apogee’s ongoing efforts to strengthen its position in the inflammation and immunology market.
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