Wedbush raised the firm’s price target on Apogee Therapeutics (APGE) to $120 from $95 and keeps an Outperform rating on the shares. Apogee’s zumilokibart met the firm’s “best case” scenario with its maintenance data from the Phase 2a portion of the APEX study with numerically better efficacy than cross trial comparators and an excellent safety profile, including similar/lower conjunctivitis rates than Dupixent/Ebglyss, with validation of Q6M maintenance dosing. Wedbush views these results as validating a best-in-indication profile for zumilokibart, and de-risking expansion development in asthma and eosinophilic esophagitis.
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