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Investing.com - Jefferies raised its price target on Apogee (NASDAQ:APOG) Therapeutics Inc (NASDAQ:APGE) to $96.00 from $88.00 on Tuesday, while maintaining a Buy rating on the stock. The new target aligns with the broader analyst consensus, as InvestingPro data shows analyst targets ranging from $78 to $116, with the stock currently trading at $39.24.
The price target increase follows positive Phase 2a efficacy data for Apogee’s APG777 treatment, which showed a placebo-adjusted EASI-75 score of 42.3% and demonstrated a dose/exposure response.
Jefferies noted that the data suggests a potential numerical benefit on EASI-75 compared to competing treatments Dupixent and Lebrikizumab, which the firm believes bodes well for Apogee’s head-to-head combination study versus Dupixent.
The research firm highlighted APG777’s clinical profile as "strategically attractive," citing no injection site reactions in Part A of the trial, fast response on itch reduction, and quarterly or biannual dosing options.
Jefferies increased its risk-adjusted peak sales estimate for the monotherapy to $1.45 billion, driving the new price target, while dismissing minor concerns about certain data points such as IGA 0/1 scores and conjunctivitis rates.
In other recent news, Apogee Therapeutics has reported positive results from its Phase II APEX study for its atopic dermatitis treatment, APG777. The treatment demonstrated a significant reduction in the Eczema Area and Severity Index Score, meeting both primary and secondary endpoints. Analysts at Canaccord Genuity and Citi have reiterated their Buy ratings, with price targets of $89.00 and $95.00, respectively, after the encouraging trial outcomes. Guggenheim also maintained its Buy rating, with a $116.00 price target, highlighting the potential for the treatment to achieve a clinical profile comparable to existing therapies. Apogee has accelerated its timeline for 52-week maintenance data, now expected in the first half of 2026, and is planning to initiate Phase 3 trials in 2026. The company is also conducting a Phase 1b head-to-head trial of APG279 versus Dupixent, with results anticipated in the second half of 2026. Despite some concerns about conjunctivitis rates, analysts view the Phase 2a data as compelling, with Citi forecasting combined APG777 sales to reach $2.5 billion by 2032. Apogee’s APG777 was well tolerated, showing a favorable safety profile, with low rates of serious adverse events.
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