Aardvark Therapeutics price target lowered to $7 from $8 at B. Riley

B. Riley analyst William Wood lowered the firm’s price target on Aardvark Therapeutics (AARD) to $7 from $8 and keeps a Buy rating on the shares. Aardvark disclosed that the FDA has placed a full clinical hold on its ARD-101 IND, formally extending a prior voluntary pause and affecting both the Phase 3 HERO trial in Prader-Willi Syndrome and related extension studies, while related development work remains halted, the analyst tells investors in a research note. The company plans to unblind existing trial datasets on a near-term timeline and continues to engage with regulators, with a potential path forward centered on a lower-dose regimen despite the ongoing regulatory overhang tied to observed cardiac signal findings, the firm adds.