Rapt Therapeutics downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Anupam Rama downgraded Rapt Therapeutics to Neutral from Overweight with a price target of $15, down from $35. The firm is citing today’s announcement that the company’s lead asset zelnecirnon, or RPT193, has been placed on clinical hold by the FDA due to a single severe adverse event of liver failure in the phase 2b study in atopic dermatitis, the analyst tells investors in a research note. The downgrade is driven by unknown timelines to resolution and by the questions that the clinical hold raises on data integrity and what could be learned from the phase 2b atopic dermatitis study / data, the firm added.