Berenberg analyst Andy Chen initiated coverage of Rapt Therapeutics with a Buy rating and $34 price target, implying 79% upside. Rapt is a biotech company developing RPT193 in atopic dermatitis, with an initial readout due in mid-2024, the analyst tells investors in a research note. The firm believes RPT193 does not require strong efficacy to become a blockbuster drug. It views the company as “suitable long-term investment,” saying the continued expansion of dermatology markets should enhance the perception of oral dermatology drugs.
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