Barclays analyst Leon Wang lowered the firm’s price target on Rapt Therapeutics to $13 from $35 and keeps an Overweight rating on the shares after the company’s lead asset zelnecirnon was 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 thinks the signal is more due to unlucky enrollment of a challenging patient but expects new questions on safety and timeline on top of existing questions to drag on shares until we have more details.
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