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Investing.com - Canaccord Genuity has reiterated its Buy rating and $89.00 price target on Apogee (NASDAQ:APOG) Therapeutics Inc (NASDAQ:APGE) following positive clinical trial results for its atopic dermatitis treatment. The target represents significant upside from the current price of $39.24, with InvestingPro data showing analyst targets ranging from $78 to $116, reflecting strong consensus optimism.
The company announced successful proof-of-concept induction treatment results from its Phase II APEX study for APG777, an IL-13 monoclonal antibody developed for atopic dermatitis. The study met both primary and secondary endpoints, demonstrating rapid and robust reduction in the Eczema Area and Severity Index Score. InvestingPro analysis indicates the company maintains a strong financial health score, with more cash than debt on its balance sheet and a robust current ratio of 15.82.
Apogee has accelerated its timeline for 52-week maintenance data, which will assess every three- and six-month dosing regimens, now expected in the first half of 2026 rather than the previously estimated first half of 2016.
Part B of the APEX study continues enrollment with 16-week results for a higher dose anticipated by mid-2026. The research firm expressed confidence in APG777’s potential for atopic dermatitis treatment.
Canaccord Genuity cited the "well characterized and ’tried-and-true’ mechanism" of the treatment in atopic dermatitis, along with positive pharmacokinetic and pharmacodynamic results to date, as reasons for its optimistic outlook on the upcoming 52-week data readout.
In other recent news, Apogee Therapeutics announced positive results from its Phase 2 APEX clinical trial for its atopic dermatitis treatment, APG777. The trial demonstrated a 71.0% reduction in the Eczema Area Severity Index (EASI) score at Week 16, with 66.9% of patients achieving an EASI-75 response rate. Citi has maintained its Buy rating and a $95.00 price target for Apogee, describing the trial data as a "major de-risking event" and highlighting the potential for quarterly dosing. Guggenheim also reiterated its Buy rating and $116.00 price target, expressing confidence in the upcoming Phase 2 data readout expected in summer 2025. Stifel echoed this sentiment, maintaining its Buy rating and $95.00 price target, citing the derisked IL-13 mechanism and successful trial execution as positive indicators. Apogee’s APG777 was well tolerated, with a safety profile consistent with other agents in its class, and serious treatment-emergent adverse events were rare. The company is accelerating its APEX Part B trial, with results anticipated by mid-2026, and has begun a Phase 1b head-to-head trial of APG279 versus Dupixent. Apogee plans to initiate Phase 3 trials of APG777 in 2026.
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