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On Monday, BTIG analyst Julian Harrison reaffirmed a Buy rating and a $100.00 price target for Apogee (NASDAQ:APOG) Therapeutics Inc (NASDAQ:APGE), expressing confidence in the forthcoming data from the Phase 2b trial of APG777 for atopic dermatitis. Currently trading at $40.08, the stock sits well below the analyst consensus target range of $78-$116. The trial results, anticipated for mid-2025, are expected to significantly impact the company’s share value. Apogee completed enrollment for the trial in early February 2025. InvestingPro analysis shows the company maintains a FAIR overall financial health score of 2.46 out of 5, with particularly strong momentum metrics.
Recent independent market research has supported BTIG’s expectations for APG777, suggesting a quarterly subcutaneous maintenance regimen and an efficacy profile comparable to Dupixent could be preferred by patients and physicians. According to the research, 96% of patients currently on a biologic treatment for atopic dermatitis would likely switch to APG777, while 80% of physicians would likely transition biologic-naive patients and 83% would switch inadequately controlled biologic patients to the new treatment. Additionally, over two-thirds of surveyed physicians stated they would consider changing controlled biologic patients to APG777. With a market capitalization of $2.1 billion, Apogee represents a significant player in the biotechnology space, though InvestingPro data indicates the company is currently trading slightly above its Fair Value.
The research also highlighted a preference for quarterly injectable dosing of APG777 over daily oral dosing, with patients favoring the injectable option over three times more and physicians nearly four times more. Beyond atopic dermatitis, Apogee has commenced dosing in a separate Phase 1b trial of APG777 for asthma, with top-line data expected in the first half of 2026. The company also plans to begin a Phase 2 trial for eosinophilic esophagitis in 2026.
In addition to APG777 developments, Apogee intends to initiate a Phase 1b proof-of-concept study later in 2025, comparing APG279 with Dupixent, with results anticipated in the second half of 2026. The ongoing Phase 1 trial of APG333 is on track for results in the second half of 2025, which could potentially lead to a combination therapy with APG777 if the data is positive. While interim data from the Phase 1b trial of APG808 in asthma has been positive, BTIG expects the company to prioritize APG777’s development.
Apogee Therapeutics concluded the first quarter of 2025 with $681.4 million in cash and equivalents, which the company believes will be sufficient to fund its operations into the first quarter of 2028. The company maintains an impressive current ratio of 18.55 and holds more cash than debt on its balance sheet. Investors should note that Apogee’s next earnings report is scheduled for May 19, 2025, which could provide additional insights into the company’s financial position and development progress.
In other recent news, Apogee Therapeutics has been at the forefront of significant developments. The company announced a manufacturing agreement with Samsung (KS:005930) Biologics to produce APG777, a drug substance for clinical development, with commercial production planned if the drug receives approval. This partnership underscores Apogee’s strategic efforts to advance its clinical pipeline. Meanwhile, analysts at Stifel and TD Cowen have maintained a Buy rating on Apogee’s stock, reflecting confidence in the company’s drug candidates. Stifel specifically highlighted the potential of APG777, citing successful Phase 1 data and upcoming Phase 2a results as pivotal. TD Cowen’s analyst praised Apogee for consistently surpassing expectations in clinical developments. Additionally, Jefferies has increased its price target for Apogee to $86, citing promising early-stage trial data and positive outcomes from the APG990 study. These recent developments signal a period of active progress and strategic initiatives for Apogee Therapeutics.
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