Aardvark Therapeutics downgraded to Hold from Buy at Stifel

Stifel downgraded Aardvark Therapeutics (AARD) to Hold from Buy with a price target of $6, down from $24. The company voluntarily paused its Phase 3 trial following “reversible cardiac observations,” which is a surprise, the analyst tells investors in a research note. The firm says this “added uncertainty is hard to get comfortable with.” It is “very hard to build confidence in what the path forward may look like,” the analyst tells investors in a research note.