Dec. 29 at 7:56 PM
BTIG reiterated
$APGE Buy/
$115
$JNJ $REGN -
$SNY $NKTR KYMR CLDX ACRS CRVS AZN AMGN
BTIG said in its note to investors:
JNJ's (Not Rated) DUPLEX-AD trial was the only other clinical-stage effort we are aware of that was comparing a novel construct (JNJ-5939, bispecific mAb targeting IL-4Ralpha and IL-31; acquired for
$1.25B in 2024) directly to Dupixent (SNY, REGN; both Not Rated) in atopic dermatitis.
We view this update as a positive clearing event for APG279 (co-formulated anti-IL-13 and anti-OX40L; a more compelling combo, in our opinion) and potentially APG777 as well, considering APEX Part A generated the highest EASI-75 watermark we have seen from any biologic along with the opportunity for even greater efficacy in APEX Part B results expected in 2Q26 (discussed below).
Initial APG279 head-to-head results vs. Dupixent are expected in 2H26 where we could see JAK-like efficacy supported by APG279's thoughtfully nonoverlapping (and much safer) MOAs.
