JPMorgan upgraded Rapt Therapeutics (RAPT) to Neutral from Underweight with a $14 price target The firm says the rating balances the “de-risked mechanism and significant potential” of the company’s lead asset RPT904 in food allergy/chronic spontaneous urticaria with the prolonged timelines to data in key indications. Rapt has large market opportunities, but given its prior pipeline setbacks, RPT904 “remains somewhat under-the-radar and may need company sponsored data to increase visibility of the asset,” the analyst tells investors in a research note.
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