RBC Capital downgraded Apogee Therapeutics (APGE) to Sector Perform from Outperform with a price target of $83, up from $70. The firm cites valuation for the downgrade. While the company’s lead drug zumilokibart has shown promise as a longer-acting IL-13 for atopic dermatitis, Apogee’s markets are “becoming increasingly crowded with “well- entrenched existing players,” the analyst tells investors in a research note. With the shares up 108% in the past 12 months, RBC believes meaningful further near-term upside is limited.
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