Citi says Friday’s selloff in shares of Apogee Therapeutics (APGE) following Sanofi’s (SNY) Phase 3 amlitelimab data is an overreaction. The firm is a buyer of the stock on the pullback. Citi believes the readout is not negative for the company’s APG279, a fixed dose combination targeting both IL-13 and OX40L. Sanofi’s readout confirms that OX40L monotherapy is not positioned to threaten Apogee’s zumilokibart, the analyst tells investors in a research note. Citi keeps a Buy rating on Apogee with a $95 price target. The stock closed Friday down 12% to $70.02.
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