Wolfe starts Rapt at Outperform, sees multiple outperformance opportunities

Wolfe Research initiated coverage of Rapt Therapeutics with an Outperform rating and $39 price target. In the past year, the stock has underperformed largely due to an enrollment delay and the lack of major catalysts in 2023, the analyst tells investors in a research note. The firm believes the stock will have multiple opportunities to outperform in 2024.