Capital One remains bullish on RPT193 as Rapt initiates Phase 2a Asthma study

Capital One notes Rapt Therapeutics (RAPT) announced that it had initiated the Phase 2a Asthma study evaluating its lead drug, RPT193. While the firm notes it doesn’t often highlight study initiations, it believes it is noteworthy for two reasons, namely the company recently extended the timeline of the readout of its Phase 2b study of RPT193 in Atopic Dermatitis patients from the second half of 2023 to mid 2024, and following the extension of the timing of the AD readout, Rapt’s initiation of the Asthma study further showcases its continued enthusiasm around the potential of RPT193 to become a convenient once-daily, oral anti-inflammatory drug. Finally, Capital One found the study design to be robust, and, as previously noted, remains bullish on RPT193 as a pipeline in a product, similar to Regeneron’s (REGN) Dupixent. The firm has an Overweight rating on Rapt’s shares with a price target of $48.