Guggenheim analyst Yatin Suneja initiated coverage of Rapt Therapeutics (RAPT) with a Buy rating and $70 price target based on a positive view of its longer-acting anti-IgE monoclonal antibody and its potential to capitalize on a rapidly growing food allergy market. The highly successful launch of Roche’s (RHHBY) Xolair in food allergies has “caught many investors by surprise,” says the analyst, who notes that Rapt’s lead asset, RPT-904, is a longer-acting anti-IgE mAb with YTE mutation that has demonstrated about three times the half-life of Xolair.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RAPT:
- Rapt Therapeutics Advances Food Allergy Treatment with RPT904 Study
- RAPT Therapeutics Announces Major Public Stock Offering
- Rapt Therapeutics 8.333M share Spot Secondary priced at $30.00
- Rapt Therapeutics announces common stock offering, no amount given
- Rapt Therapeutics price target raised to $48 from $38 at Wells Fargo