BTIG analyst Julian Harrison has maintained their bullish stance on APGE stock, giving a Buy rating yesterday.
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Julian Harrison has given his Buy rating due to a combination of factors that highlight the promising potential of Apogee Therapeutics’ APG777 in the atopic dermatitis market. The recent Phase 2 induction data for APG777 demonstrated exceptional efficacy, achieving a 71% improvement in EASI scores at 16 weeks, which is superior to other biologics in the field. This strong performance, coupled with a clean safety profile and rapid onset of action, positions APG777 as a leading candidate for first-line treatment in atopic dermatitis.
Moreover, the atopic dermatitis market is relatively underpenetrated, offering significant growth opportunities for APG777, especially given its potential to become a blockbuster therapy similar to Skyrizi in psoriasis. The market’s size and the favorable reception from payors for treatments that enhance adherence further support the optimistic outlook. Consequently, Harrison has increased the price target for Apogee Therapeutics to $115, reflecting a higher probability of success for APG777 in this expanding market.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $78.00 price target.
APGE’s price has also changed moderately for the past six months – from $49.570 to $39.240, which is a -20.84% drop .