JPMorgan upgrades Rapt Therapeutics on ‘compelling’ CSU data

JPMorgan upgraded Rapt Therapeutics (RAPT) to Overweight from Neutral with a price target of $55, up from $13. The stock in midday trading is up 27%, or $7.86, to $37.20. The company announced “very compelling” Phase 2 data for RPT904 in chronic spontaneous urticaria, the analyst tells investors in a research note. The firm believes the readout de-risks Rapt’s broader pipeline, including food allergy. It finds the stock attractive at current levels given the company’s potential in CSU and food allergy. JPMorgan estimates peak sales of $2.5B and $400M in food allergy and CSU, respectively.