Rapt Therapeutics stock gains as Barclays reiterates Overweight rating

Investing.com - Rapt Therapeutics (NASDAQ:RAPT), currently trading at $37.30 and showing impressive momentum with an 11.35% gain over the past week, maintained its Overweight rating and $35.00 price target from Barclays on Monday. According to InvestingPro data, the stock has delivered a remarkable 364% return over the past six months.

Barclays highlighted positive Phase 2 trial data for RPT904, Rapt’s antibody treatment designed with a prolonged half-life to offer advantages over Xolair (omalizumab). The trial showed RPT904 demonstrated numerically better urticaria activity score (UAS7) improvements from baseline compared to omalizumab. InvestingPro analysis shows the company maintains a strong financial position with more cash than debt and a healthy current ratio of 13.25.

The data indicated RPT904 achieved these superior results when dosed every 8 weeks or every 12 weeks, compared to omalizumab dosed every 4 weeks. RPT904 also showed a numerically greater percentage of patients achieving complete response (UAS7=0), with no new safety signals reported in the trial.

Rapt Therapeutics plans to discuss the Phase 3 development path with the FDA for the U.S. market, while its partner Jeyou intends to advance RPT904 into Phase 3 development in China.

Barclays noted that while the study was not a formal noninferiority study and no statistical hypothesis was tested, the firm believes the profile of RPT904 merits advancement into Phase 3 trials. With analyst targets ranging from $13 to $38, investors seeking deeper insights can access comprehensive analysis and 12 additional ProTips through InvestingPro’s detailed research reports.

In other recent news, RAPT Therapeutics announced positive topline data from a Phase 2 trial of its RPT904 treatment for chronic spontaneous urticaria. The trial, conducted with Shanghai Jeyou Pharmaceutical, showed that RPT904 achieved comparable efficacy to the standard treatment, omalizumab, but with less frequent dosing intervals of 8 and 12 weeks. Barclays initiated coverage on RAPT Therapeutics with an Overweight rating, citing the potential of RPT904 due to its improved pharmacokinetic and pharmacodynamic properties. Additionally, Clear Street raised its price target for RAPT Therapeutics from $24 to $41, maintaining a Buy rating following FDA clearance for a Phase 2b food allergy trial involving RPT904. This upcoming trial will evaluate three different doses against a placebo and is expected to start by the end of 2025. The company plans to release topline data for this trial in the first half of 2027. These developments underscore the growing interest and confidence in RAPT Therapeutics’ innovative treatment options.

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