Aardvark Therapeutics initiated with a Buy at BofA

BofA initiated coverage of Aardvark Therapeutics (AARD) with a Buy rating and $22 price target The company’s lead drug ARD-101 is in Phase 3 trials to treat extreme, constant, pathologic hunger in Prader-Willi syndrome, a rare genetic disease with significant unmet need and no approved drugs, the analyst tells investors in a research note. The firm says the company is also exploring expansion opportunities in hypothalamic obesity, and in general obesity, but human studies have not yet begun. It believes the stock’s risk/reward is favorable at current levels.