H.C. Wainwright downgraded Rapt Therapeutics to Neutral from Buy without a price target after all zelnecirnon clinical trials were paused following a patient death. The firm awaits further clarification from the FDA on the necessary steps to lift the clinical hold. Beyond this, it also expects Rapt would need to define the extent to which the Phase 2b trial has been compromised and, in the event that the trial is deemed irretrievable, may have to resume clinical development with a delay of possibly more than a year.
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