Aardvark Therapeutics price target lowered to $8 from $32 at B. Riley

B. Riley analyst William Wood lowered the firm’s price target on Aardvark Therapeutics (AARD) to $8 from $32 and keeps a Buy rating on the shares. Aardvark paused multiple ARD-101 and ARD-201 trials due to a cardiac safety signal observed in a high-dose healthy volunteer study, placing the company in a regulatory holding pattern pending FDA feedback expected in 2Q26, the analyst tells investors in a research note. While $110M in cash funds operations into 2Q27, exposure-response data suggest lower doses may mitigate risk and support a redesigned Phase 3 program, with next steps including a Type B FDA meeting and potential unblinded Phase 3 PWS data, the firm says.