Rapt Therapeutics price target lowered to $1 from $2 at UBS

UBS lowered the firm’s price target on Rapt Therapeutics (RAPT) to $1 from $2 and keeps a Neutral rating on the shares. UBS believes think Rapt’s RPT904 omalizumab “bio-better” in-licensing is key for the pipeline, although this is a longer-term story, the analyst tells investors in a research note. The firm sees food allergy as a large market, although it is currently difficult to define the exact addressable population where ‘904 will have clinically meaningful efficacy.