Going Out at the APEX; Downgrade to Neutral

Research evidence excerpt

Going Out at the APEX; Downgrade to Neutral

Company Report

June 22, 2026 Apogee Therapeutics, Inc. (APGE)

Rating: Going Out at the APEX; Downgrade to NeutralNEUTRAL (from OUTPERFORM)

Price:

$132.75 The Wedbush View

12-Month Price Target:

$135.00 AbbVie (ABBV, not covered) confirmed acquisition speculation (see note) with an

all-cash offer for APGE at $135.11/sh for a total consideration of $10.9B, a premium

Analysts of 49% to APGE’s closing price of $90.38 on June 18. The transaction is expected

David Nierengarten, Ph.D. to close in 3Q26, pending a successful tender offer and customary regulatory

(415) 274-6862 approvals. We view the acquisition price as fair relative to our prior price target of

David.Nierengarten@wedbush.com $135.

Martin Fan, Ph.D.

(213) 688-3404 We viewed APGE as an attractive acquisition target due to the best-in-class profile

Martin.Fan@wedbush.com of lead program zumilokibart (anti-IL-13, HLE) for atopic dermatitis (AD) and a

Dennis Pak change-of-control royalty buydown (see note) which ABBV intends to pursue.

(415) 263-6647 Infrequent dosing remains, in our opinion, one of the few remaining meaningfulDennis.Pak@wedbush.com

avenues for differentiation in AD, and zumilokibart could launch with Q3M-Q6M

dosing in early 2030. ABBV anticipates “mega-blockbuster” potential, which it

Company Information defines as annual sales over $10B.

Market Cap (M) $10,008

Enterprise Value (M) $8,750 We view the likelihood of a competing bid as low, given that most logical strategic

Shares Outst (M) 75.4 acquirers with sufficient scale to pursue a transaction of this size (e.g. REGN,

52-Week Range $34.34 - $95.32 SNY, LLY) already possess or were developing an IL-4Rα/IL-13 inhibitor program,

Cash/sh $16.69 whether as a monotherapy or bispecific combination.