Aardvark Therapeutics price target lowered to $21 from $35 at Oppenheimer

Oppenheimer lowered the firm’s price target on Aardvark Therapeutics (AARD) to $21 from $35 and keeps an Outperform rating on the shares. The firm caught up with management following late Friday’s announcement of dosing having been voluntarily suspended in the Phase 3 HERO trial in Prader-Willi syndrome, a decision made upon reversible cardiac observations seen at ARD-101 doses above therapeutic target levels per healthy volunteer routine EKG testing. The relevant dose was twice that in HERO, and Oppenheimer emphasizes that management’s action was entirely elective and taken out of an abundance of caution. Aardvark expects to provide further guidance next quarter, but mentioned that it may move to unblind the 12-week HERO trial early.