Guggenheim analyst Seamus Fernandez initiated coverage of Apogee Therapeutics with a Buy rating and $29 price target. The company’s lead asset, APG777, is initially being developed in atopic dermatitis and the analyst expects the AD market to evolve similarly to psoriasis, where assets with longer dosing intervals are preferred. APG777 has demonstrated compelling preclinical data supporting target engagement and downstream inhibition similar to lebrikizumab, but with a NHP half-life of 28 days versus lebrikizumab’s 17 days, the analyst tells investors in a research note.
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