William Blair initiated coverage of Aardvark Therapeutics (AARD) with an Outperform rating. The firm says Aardvark is advancing ARD-101, an oral therapy that targets bitter taste receptors in the gastrointestinal tract, and ARD-201 for treating Prader-Willi syndrome and obesity. The company’s lead candidate ARD-101 is under Phase III investigation in Prader-Willi, which is associated with considerable unmet need, and ARD-201 in obesity “provides additional upside potential,” the analyst tells investors in a research note.
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