Clear Street positive on Rapt Therapeutics into food allergy study

Clear Street says Rapt Therapeutics (RAPT) announced a milestone by initiating its inaugural U.S. trial for ozureprubart in patients with multiple food allergies. The firm believes ozureprubart’s “compelling” chronic spontaneous urticaria profile, established safety, and efficacy persisting up to 16 weeks from a single dose underscore the feasibility of a 12 week dosing for food allergies. Since Xolair currently necessitates two week dosing for food allergies, even an eight week administration with RPT904 “would represent a significant advancement,” contends Clear Street. It keeps a Buy rating on Rapt with a $60 price target