Apogee Therapeutics (NASDAQ: APGE) saw its stock plummet 5.18% in Monday's pre-market trading, despite announcing positive 16-week data from its Phase 2 APEX clinical trial of APG777, a potential best-in-class anti-IL-13 antibody for moderate-to-severe atopic dermatitis.

The company reported that Part A of the trial met all primary and key secondary endpoints, with APG777 showing a 71.0% decrease from baseline in the Eczema Area and Severity Index (EASI) at Week 16, compared to 33.8% for placebo. Additionally, 66.9% of participants treated with APG777 achieved EASI-75, the highest response rate for any biologic in a global study to date.

Despite these encouraging results, the stock's unexpected decline suggests investors may be reacting to other factors. Possible explanations include profit-taking following the news, concerns about the drug's commercialization prospects, or broader market trends affecting biotech stocks. The contradiction between the positive trial results and the stock's performance highlights the complex nature of investor sentiment in the biotech sector.