As previously reported, Leerink upgraded Rapt Therapeutics (RAPT) to Outperform from Market Perform with a price target of $37, up from $16, based on the favorable outlook for lead asset RPT904 in food allergy and other IgE-mediated diseases. The firm’s confidence in the commercial opportunity for RPT904 is driven by the large number of patients with food allergy in the U.S., rapid uptake of Xolair in this indication, and the opportunity for RPT904 to improve on Xolair’s shortcomings. Overall, Leerink believes in RPT904’s ability to address important unmet need within food allergy, and sees potential for RAPT to unlock value via clinical execution and near-term data catalysts that should add meaningful value over the next 6-18 months.
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Read More on RAPT:
- Rapt Therapeutics upgraded to Outperform from Market Perform at Leerink
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