Aardvark Therapeutics initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of Aardvark Therapeutics (AARD) with an Overweight rating and $29 price target The firm believes the Phase 2 data support the potential of ARD-101 in Prader-Willie syndrome, which represents a blockbuster opportunity. It expects positive Phase 3 data in early 2026 to drive meaningful upside in the shares. Aardvark has a differentiated approach to treating metabolic disorders associated with hunger, the analyst tells investors in a research note.