On Monday, Stifel, a financial services company, maintained its Buy rating on shares of Apogee (NASDAQ:APOG) Therapeutics Inc (NASDAQ: APGE), with a price target of $95.00. The firm's optimism is rooted in the recent advancements of Apogee's drug pipeline, particularly its atopic dermatitis and COPD treatments.
Apogee Therapeutics has started enrolling patients for the Phase 2 trial of its drug APG777, targeting IL-13 for the treatment of atopic dermatitis.
The company expects to release top-line data from this trial in the second half of 2025. Stifel's confidence in the drug's potential is high, particularly due to its Q3M/Q6M (quarterly or bi-monthly) maintenance dosing, which is expected to capture a significant share of the atopic dermatitis market.
Additionally, Apogee has recently begun a healthy volunteer trial for its drug APG808, which targets IL-4Rα. The interim Phase 1 data for APG808 are anticipated in the second half of 2024, with subsequent data from a Phase 1b asthma trial expected in the first half of 2025.
These developments set the stage for Apogee to launch a proof-of-concept (PoC) trial for chronic obstructive pulmonary disease (COPD) in the second half of 2025.
Stifel notes that APG808's potential Q8W (every eight weeks) dosing could position it competitively against Dupixent, which is administered every two weeks and is poised to be the first approved biologic for COPD later this year.
The financial firm also highlighted that the market has not fully recognized the value of APG808 in Apogee's stock valuation, especially with the recent focus on APG777. Stifel suggests that if the pharmacokinetic (PK) profile supports Q6W/Q8W dosing in the Phase 1 trials, Apogee's shares could see an increase of 30-50%.
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