Aardvark Therapeutics initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Aardvark Therapeutics (AARD) with a Buy rating and $40 price target The emerging biopharmaceutical company is developing a novel, gut-restricted approach to achieving satiety in patients with obesity and hyperphagic conditions, notes the analyst. Aardvark’s lead candidate, ARD-101, is a proprietary formulation of denatonium acetate and the safety profile of ARD-101 in Prader-Willi patients appeared innocuous, with no adverse events worse than Grade 1, the analyst noted.