Rapt Therapeutics price target lowered to $40 from $44 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Rapt Therapeutics to $40 from $44 and keeps an Overweight rating on the shares following the Q4 results. The readout timeline for the Phase 2B trial of RPT193 in atopic dermatitis is delayed to mid-2024 from the firm’s prior expectation of 4Q23 due to slower-than-expected patient enrollment driven by seasonality, the analyst tells investors in a research note. Rapt is looking at steps to speed up enrollment, the firm says, adding that the delay is not driven by any concerns related the drug and would be a buyer here.