Apogee Therapeutics: Takeaways from our KOL call on APGE’s Part B update for zumilokibart

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Apogee Therapeutics: Takeaways from our KOL call on APGE’s Part B update for zumilokibart

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Apogee Therapeutics

Takeaways from our KOL call on APGE’s

Part B update for zumilokibart

Maintain Rating: BUY | PO: 131.00 USD | Price: 77.82 USD

Part B update reinforces zumi’s differentiated profile 28 May 2026

We hosted a call with clinical dermatologist, Dr. Charles Gropper, to discuss his updated Equity

views on zumilokibart for atopic dermatitis following APGE’s phase 2 16-week Part B

Tazeen Ahmad

update (see our May 27 note). He highlighted the data continue to be impressive Research Analyst

supporting potential for superior efficacy over Dupixent. He emphasized that zumi’s BofAS tazeen.ahmad@bofa.com

potential for Q3M or Q6M dosing would also be disruptive even with comparable safety

Daniel Giraldo

and efficacy to Dupixent. Overall, he thinks zumi’s efficacy and safety data position it to Research Analyst

become the preferred 1L systemic therapy for moderate-to-severe AD, although he BofAS daniel.giraldoperez@bofa.com

continues to look for further clinical validation. We are encouraged by the positive KOL

Jeremiah Lorentz

feedback reinforcing our bullish view on zumi’s competitive positioning in AD, Research Analyst

representing an attractive commercial opportunity. We maintain our Buy with $131 PO. BofASjeremiah.lorentz@bofa.com

Part B data supports potential for superior efficacy WesleyResearchYonAnalyst

Dr. Gropper commented that the 41.9% placebo-adjusted EASI-75 was highly BofASwesley.yon@bofa.com

encouraging and suggests superior efficacy to other approved therapies with the Amy Qian

caveats of cross-trial comparisons. He was encouraged to see other metrics like IGA 0/1 Research Analyst