Stifel analyst Alex Thompson initiated coverage of Apogee Therapeutics with a Buy rating and $34 price target. The firm’s “optimistic view” of Apogee is based on the belief that large inflammatory indications like atopic dermatitis remain under-penetrated with meaningful white space opportunity for entrants with improved profiles. Apogee’s lead program APG777 targeting IL-13 leverages next-generation antibody design technology with the goal of achieving an improved profile versus Lilly’s lebrikizumab, the analyst tells investors in a research note.
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