Citi analyst Geoff Meacham maintained a Buy rating on Apogee Therapeutics (APGE – Research Report) today and set a price target of $95.00.
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Geoff Meacham has given his Buy rating due to a combination of factors surrounding Apogee Therapeutics’ upcoming clinical trial results for APG777. The anticipated phase 2a trial for atopic dermatitis is expected to demonstrate efficacy comparable to Dupixent, a leading treatment in the field, with an absolute EASI-75 score of over 45-50% at week 16. This benchmark is crucial for success, and the trial’s design aims to mitigate rising placebo rates by targeting patients with higher baseline EASI scores.
Meacham notes that the higher exposure levels in the study, compared to lebrikizumab, present a potential for APG777 to exceed expectations, with a bull case scenario achieving efficacy greater than 55% EASI-75. Such outcomes could significantly boost the stock’s value. However, even if APG777 falls short of Dupixent’s efficacy or encounters safety concerns, the diverse pipeline of Apogee Therapeutics provides a buffer against downside risks. This combination of potential high returns and mitigated risks underpins the Buy rating, with a target price of $95.
Meacham covers the Healthcare sector, focusing on stocks such as Eli Lilly & Co, Pfizer, and Merck & Company. According to TipRanks, Meacham has an average return of 2.4% and a 51.88% success rate on recommended stocks.
In another report released yesterday, Stifel Nicolaus also reiterated a Buy rating on the stock with a $95.00 price target.