Morgan Stanley downgraded Aardvark Therapeutics (AARD) to Underweight from Equal Weight with a price target of $3, down from $7. The company announced last night that the FDA placed ARD-101 on full clinical hold related to the safety findings, the analyst tells investors in a research note. The firm says that while the unblinded data “could provide insights,” it could take some time and a path forward for ARD-101 remains unclear.
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