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Investing.com - Mizuho initiated coverage on Apogee Therapeutics Inc (NASDAQ:APGE) with an Outperform rating and a $105.00 price target on Monday. According to InvestingPro data, this target aligns with the broader analyst range of $60-$116, while the company currently maintains a market capitalization of $3.61 billion.
The research firm cited the potential of APG777, Apogee’s high-affinity anti-IL-13 monoclonal antibody, to play a significant role in treating Th2 inflammatory diseases, particularly atopic dermatitis.
Mizuho expects Phase II clinical trial results in 2026 to validate once-quarterly maintenance dosing and demonstrate best-in-class biologic efficacy with high-dose APG777 treatment.
The firm’s analysis suggests that APG777’s pharmacokinetic profile supports sufficient drug exposure with quarterly maintenance dosing to drive efficacy comparable to other IL-4/IL-13 biologics at the 52-week mark.
Mizuho projects $3.4 billion in risk-adjusted worldwide sales by 2035 for Apogee and anticipates positive Phase II atopic dermatitis data in 2026 will drive stock outperformance over the next 12 months.
In other recent news, Apogee Therapeutics has successfully closed its public offering, raising approximately $345 million in gross proceeds. The company sold 8,048,782 shares of common stock at $41.00 per share, which included the full exercise of the underwriters’ option to purchase an additional 1,097,561 shares. Additionally, pre-funded warrants were issued to purchase up to 365,853 shares at $40.99999 per warrant to certain investors. The net proceeds from this offering are expected to be around $323.3 million after deducting underwriting discounts, commissions, and estimated offering expenses. This development follows Apogee’s earlier announcement of pricing its public offering at $41.00 per share, including pre-funded warrants with an exercise price of $0.00001 per share. The offering commenced with the plan to grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price. Despite the initial announcement causing a 10% drop in stock value, the offering has now been completed.
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