Apogee Therapeutics: Two Shots A Year, One Shot At Disruption

Apogee Therapeutics (APGE) remains a Buy, supported by strong Phase 2 data for zumilokibart in atopic dermatitis (AD) and a robust cash position. Zumilokibart's infrequent dosing (Q3M/Q6M) offers a key compliance advantage, with efficacy and safety comparable to market leaders and manageable side effects. My DCF model values APGE at $73.07/share, reflecting a $5B intrinsic equity value, though current market cap suggests limited near-term upside absent M&A.