Apogee initiated with a Buy at Canaccord on APG777 ‘blockbuster potential’

As previously reported, Canaccord initiated coverage of Apogee Therapeutics (APGE) with a Buy rating and $89 price target Apogee is a “significant player” in the immunology and inflammatory disease, or I&I, space whose lead drug, APG777, is in Phase 2 study for the treatment of moderate-to-severe atopic dermatitis, or AD, more commonly known as eczema, the analyst tells investors. The AD market is largely dominated by topical therapies, yet the clinical benefit of topical agents falls short, notes the analyst, who believes APG777, with a familiar mechanism and differentiated dose scheduling, has the “potential to dominate in the young and growing market for biologics in AD” and offers “blockbuster potential,” the analyst added.