RAPT Therapeutics: De-Risked ‘Bio-Better’ Ozureprubart Underpins Buy Rating and Upside to Target Price

RAPT Therapeutics (RAPT) has received a new Buy rating, initiated by Piper Sandler analyst, Yasmeen Rahimi.

Yasmeen Rahimi has given his Buy rating due to a combination of factors tied primarily to the strength and de-risked profile of RAPT’s lead asset, ozureprubart (OZU). He views OZU as a next-generation, “bio-better” version of Xolair, designed off the same anti-IgE epitope but engineered for significantly stronger potency and substantially less frequent dosing, which could improve both efficacy and patient convenience. Because Xolair has been FDA-approved for multiple allergic indications since 2003 and most recently for food allergy in 2024, Rahimi believes OZU benefits from a validated mechanism of action and a well-understood commercial pathway, lowering scientific and regulatory uncertainty. This conviction is reinforced by risk-adjusted net present value analyses that attribute substantial per-share value to OZU across chronic spontaneous urticaria (CSU) and food allergy in both the U.S. and EU, supporting a price target well above the current share price.

In addition, Rahimi highlights that OZU has already demonstrated superiority to Xolair in a Phase 2 head-to-head trial in CSU, showing greater reductions in disease activity and favorable safety, which he believes positions the program well for upcoming Phase 3 discussions with the FDA and reduces the regulatory risk for that indication. He also notes that the ongoing Phase 2b “prestIgE” study in food allergy is bolstered by the precedent of Xolair’s recent approval in this setting, which in his view lowers the probability of clinical failure and enhances the likelihood of a positive topline readout expected in the first half of 2027. The inclusion of an exploratory cohort of patients considered ineligible for Xolair offers incremental upside if any efficacy signal emerges in this harder-to-treat population. Overall, Rahimi expects that progress toward these key data catalysts will support continued share appreciation, making the current period an attractive entry point for investors, and justifying his Overweight/Buy recommendation on RAPT.

In another report released on January 5, Wells Fargo also maintained a Buy rating on the stock with a $72.00 price target.