Updates

** Shares of Apogee Therapeutics APGE.O slide 5.1% to $78.62

** The drug developer says its experimental skin disease therapy met the main goal in results from part B of its mid-stage study

** Says 65.9% of patients treated with mid-dose zumilokibart showed significant improvement in their eczema

** Plans to move forward with the mid-dose for late-stage studies

** Brokerage Stifel says results "near identical" to prior part A data for the mid-dose

** But data for high dose underperforming the mid-dose could weigh on the stock, Citi analyst Geoff Meacham says

** APGE was testing the treatment in patients with moderate-to-severe atopic dermatitis — a chronic, inflammatory skin condition

** The firm also announces an up to $1.3 billion financing collaboration with Blackstone Life Sciences to advance late-stage development and commercialization of zumilokibart

** "Given that many investors view APGE as a potential M&A candidate, today’s transaction may signal that an acquisition is not imminent" - Truist

** Including session moves, stock up 2.9% YTD