Clear Street raised the firm’s price target on Rapt Therapeutics (RAPT) to $41 from $24 and keeps a Buy rating on the shares following the FDA clearance for RPT904’s Phase 2b food allergy trial. The news is a “major regulatory hurdle,” the analyst tells investors in a research note. Clear increased its probability of sucess to 60% from 40% ahead of upcoming Phase 2 chronic spontaneous urticaria and asthma data from Rapt’s Chinese partner, Jemicare.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RAPT:
- Rapt Therapeutics: FDA clears IND application for Phase 2b trial of RPT904
- Leerink upgrades Rapt Therapeutics on food allergy opportunity for RPT904
- Rapt Therapeutics upgraded to Outperform from Market Perform at Leerink
- Rapt Therapeutics price target raised to $9 from $8 at UBS
- Promising Potential of RAPT Therapeutics’ RPT904 Drives Buy Rating