Why Apogee’s latest asthma data has investors watching the stock

Apogee Therapeutics (APGE) is back in focus after releasing interim Phase 1b data for its asthma candidate zumilokibart, along with a packed 2026 clinical timetable that could influence how investors evaluate the company’s pipeline.

At a latest share price of $77.99, Apogee’s 90 day share price return of 48.64% and 1 year total shareholder return of 89.99% suggest momentum has been building alongside the asthma data update and 2026 pipeline milestones.

If this kind of biotech catalyst interests you, it might be a good moment to scan other healthcare stocks that are moving on clinical and regulatory news of their own.

With APGE up 48.64% over 90 days and trading at a roughly 32% discount to the current analyst price target, investors may ask whether there is still an attractive entry point or if the market has already priced in expected growth.

Price-to-book of 9x: Is it justified?

With Apogee trading at US$77.99 and carrying a P/B of 9x, the share price sits below peer averages but well above the broader US biotech group.

The P/B ratio compares a company’s market value to its book value, which is essentially net assets on the balance sheet. For early stage biotechs that have little or no revenue and are investing heavily in R&D, investors often lean on P/B because traditional earnings based metrics such as P/E are less useful while the company is loss making.

According to the statements data, Apogee screens as good value against its immediate peer set, with a 9x P/B compared to a 12.1x peer average. That suggests the market is pricing Apogee’s asset base at a lower premium than some comparable names, despite its active clinical pipeline and recent share price performance.

Set against the wider US biotechs industry, however, Apogee looks expensive on this same measure, with its 9x P/B well above the 2.7x industry average. That gap highlights how much of the current valuation rests on expectations for future clinical and commercial progress rather than today’s balance sheet alone.

Result: Price-to-book of 9x (ABOUT RIGHT)

However, you still need to factor in clinical trial setbacks or slower progress in atopic dermatitis and asthma, as well as ongoing net losses of US$253.674m.

Build Your Own Apogee Therapeutics Narrative

If you see the numbers differently or prefer to work from your own assumptions and scenarios, you can build a custom Apogee view in just a few minutes: Do it your way.

A great starting point for your Apogee Therapeutics research is our analysis highlighting 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.