Aardvark Therapeutics price target lowered to $9 from $26 at BTIG

BTIG lowered the firm’s price target on Aardvark Therapeutics (AARD) to $9 from $26 and keeps a Buy rating on the shares. The stock fell after the company’s announcement on Friday of a voluntary pause of the phase 3 HERO trial for ARD-101 for Prader Willi syndrome due to the observation of a reversible cardiac signal seen at above target doses in a healthy volunteer safety study to supplement NDA submission, the analyst tells investors in a research note. BTIG is cutting its price target due to increased risk around the HERO trial, but retains its Buy rating on the prospects of a potential update for ARD-201 in the POWER weight maintenance study later this year.