Apogee Therapeutics: Differentiated IL-13 Strategy, Durable Efficacy, and 2026 Catalysts Underpin Reaffirmed Buy Rating

Stifel Nicolaus analyst Alex Thompson CFA has maintained their bullish stance on APGE stock, giving a Buy rating today.

Alex Thompson CFA has given his Buy rating due to a combination of factors tied to Zumilokibart’s (APG777) emerging profile and Apogee’s broader Th2 strategy. He highlights that the Phase 1b asthma data showed a robust reduction in FeNO at 12 weeks that compares favorably with leading agents like Dupixent, reinforcing the idea that appropriately dosed IL-13 inhibition can support a wide range of Th2-driven indications. The durability of effect seen out to 32 weeks on a single 720 mg dose, together with a clean safety profile, underpins the potential for infrequent maintenance dosing (every 3–6 months) and a differentiated competitive position versus current standards of care. Thompson incorporates substantial yet still risk-adjusted asthma revenue into his model, reflecting both the de-risking from these data and the opportunity to capture share in type 2 asthma, particularly if the drug ultimately carries both asthma and atopic dermatitis on the label.
Looking ahead, Thompson points to a rich catalyst path in 2026 across atopic dermatitis and other Th2 indications as further support for the Buy rating. Upcoming readouts from the APEX trial in atopic dermatitis, including long-term maintenance and dose-ranging induction data, could strengthen confidence in Zumilokibart’s efficacy and dosing flexibility. He also notes Apogee’s positioning in the evolving “multi-target” landscape, including combination strategies with APG333 (TSLP) and a head-to-head trial against Dupixent that is already over-enrolled, as sources of potential upside to current expectations. Taken together, these clinical results, the differentiated dosing profile, conservative but sizable peak sales assumptions, and numerous near- and medium-term catalysts justify his increased price target and reaffirmed Buy recommendation on Apogee Therapeutics.

Thompson CFA covers the Healthcare sector, focusing on stocks such as Kymera Therapeutics, AnaptysBio, and Ascendis Pharma. According to TipRanks, Thompson CFA has an average return of 29.5% and a 69.28% success rate on recommended stocks.

In another report released today, Citi also maintained a Buy rating on the stock with a $95.00 price target.