After Apogee Therapeutics (APGE) announced 16-week data from Part A of the Phase 2 APEX clinical trial of APG777 in patients with moderate-to-severe atopic dermatitis, Citi calls the data “a major de-risking event” and would be a buyer amid today’s weakness given the firm’s view that “the totality of Phase 2a data as very compelling.” Some investors have raised concerns around conjunctivitis rates of about 18%, but the firm notes that this rate is comparable to the rates seen with Dupixent both in Phase 2b and in real world evidence. Citi keeps a Buy rating and $95 price target on Apogee shares.
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