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Investing.com - H.C. Wainwright raised its price target on Rapt Therapeutics (NASDAQ:RAPT) to $72.00 from $27.00 on Tuesday, while maintaining a Buy rating on the stock. The company’s shares have surged nearly 300% over the past six months, with InvestingPro data showing analyst targets ranging from $13 to $72, reflecting diverse market expectations.
The price target increase follows Rapt’s announcement of topline data from a Phase 2 clinical trial of RPT904 in chronic spontaneous urticaria (CSU) conducted by its strategic partner in China, Jeyou.
The trial enrolled 137 patients with CSU inadequately controlled by H1 antihistamines, comparing RPT904 administered subcutaneously every 8 or 12 weeks against omalizumab (Xolair) dosed every 4 weeks over a 16-week treatment period.
Results showed RPT904 met its primary endpoint with mean UAS7 score reductions of -23.20 and -22.16 for the 8-week and 12-week dosing groups respectively, compared to -19.14 for omalizumab. The secondary endpoint of urticaria-free rate was also achieved with 46% and 44% of RPT904 patients versus 33% of omalizumab patients being urticaria-free at week 16.
Jeyou is now preparing for a Phase 3 trial in China, while Rapt plans to engage with the FDA to discuss next steps for a pivotal Phase 3 trial in the United States. Get deeper insights into RAPT’s financial health, valuation metrics, and 10+ additional ProTips with a subscription to InvestingPro.
In other recent news, RAPT Therapeutics has announced the pricing of its public offering at $30 per share, aiming to raise approximately $250 million in gross proceeds. The company has granted underwriters a 30-day option to purchase up to an additional 1,250,000 shares at the public offering price, minus underwriting discounts and commissions. This move comes as RAPT Therapeutics commences an underwritten public offering of its common stock, although the final terms and timing remain subject to market conditions.
Furthermore, Guggenheim has initiated coverage on RAPT Therapeutics with a Buy rating, setting a price target of $70.00. This positive outlook is based on the potential of RAPT’s longer-acting anti-IgE monoclonal antibody, RPT-904, in the food allergy market. Additionally, Wells Fargo has raised its price target on RAPT Therapeutics to $48.00 from $38.00, maintaining an Overweight rating. This adjustment follows promising data from a Phase 2 study of RPT904 in chronic spontaneous urticaria conducted in China by Jeyou Pharmaceutical, RAPT’s partner. These developments provide investors with key insights into RAPT Therapeutics’ current strategic moves and potential market opportunities.
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