Aardvark Therapeutics: Clinical Momentum and 2026 Catalyst Stack Underpin Buy Rating and $26 Target

Analyst Jeet Mukherjee of BTIG reiterated a Buy rating on Aardvark Therapeutics, Inc., retaining the price target of $26.00.

Jeet Mukherjee has given his Buy rating due to a combination of factors pointing to a potentially transformative 2026 for Aardvark Therapeutics. He highlights that the Phase 3 HERO trial in Prader-Willi syndrome is progressing well, with more than half of the enrollment completed and every patient finishing the treatment period opting into and remaining in the open-label extension, which suggests a favorable safety and quality-of-life profile for ARD-101. He also points out that the PWS market can likely accommodate multiple therapies, and believes ARD-101’s rapid onset and clean safety profile position it competitively versus existing and emerging options. In addition, he expects the stock to benefit from a catalyst-heavy second half of 2026, when both pivotal HERO data and first-in-human obesity data for ARD-201 from the POWER trial are anticipated, potentially enabling a value-enhancing financing to extend the cash runway beyond 2027 and support commercialization.

Mukherjee further underscores the strategic significance of ARD-201, which is being evaluated in the POWER study to help patients maintain weight loss after stopping GLP-1–based therapies, an area with no established regulatory framework but growing clinical interest. With enrollment criteria targeting patients who have already achieved substantial weight loss and a clinically meaningful primary endpoint, he sees ARD-201 as well positioned to address a large unmet need in weight maintenance and to benefit from ongoing FDA efforts to define standards in this space. He also notes that preclinical data suggest ARD-201 could work both as an alternative therapy and as a combination partner to enable lower-dose GLP-1 use while preserving or enhancing efficacy and tolerability, with additional upside from the planned STRENGTH trial. Together with his valuation framework, which incorporates a 12% discount rate and 1% terminal growth rate, these clinical, strategic, and financial factors underpin his Buy rating and $26 price target.

According to TipRanks, Mukherjee is a 4-star analyst with an average return of 24.3% and a 62.75% success rate. Mukherjee covers the Healthcare sector, focusing on stocks such as Aardvark Therapeutics, Inc., Monopar Therapeutics Inc, and Kymera Therapeutics.

In another report released on January 15, TipRanks – Google also initiated coverage with a Buy rating on the stock with a $16.50 price target.