Apogee Therapeutics initiated with a Buy at Rothschild & Co Redburn

Rothschild & Co Redburn analyst Qize Ding initiated coverage of Apogee Therapeutics (APGE) with a Buy rating and $140 price target The firm has a “bullish view” on APG777 into the Phase 2 data readout in atopic dermatitis in Q2. APG777 is “differentiated” by a much lower dosing frequency and is likely to show comparable or better efficacy data versus the standard-of-care therapy, the analyst tells investors in a research note. Rothschild believes the drug can capture a market opportunity of $9B, compared to consensus of $7B.