Rapt Therapeutics started at Buy at Clear Street on RPT904b opportunity

Clear Street initiated coverage of Rapt Therapeutics (RAPT) with a Buy rating and $3 price target. The firm’s bullish call is driven by a strong conviction in RPT904b – a potentially best-in-class anti-IgE antibody for food allergy and chronic spontaneous urticaria that is comparable to Roche (RHHBY) and Novartis’ (NVS) Xolair, the analyst tells investors in a research note. Rapt’s 76% stock decline over 12 months relative to XBI’s 12% is primarily attributable to an unrelated asset discontinuation and has created a “significant opportunity”, the firm added.