Apogee Therapeutics initiated with a Buy at BTIG

BTIG analyst Julian Harrison initiated coverage of Apogee Therapeutics with a Buy rating and $43 price target. Apogee’s pipeline has been “carefully curated” to improve on Dupixent, which is currently at a $12.4B run-rate, the analyst tells investors. Skyrizi’s commercial success is largely underpinned by less frequent injection intervals than Tremfya and the firm sees Apogee is “pursuing parallel opportunities” with APG777 and APG808 for atopic dermatitis/asthma and COPD, respectively.