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Evercore ISI has started coverage of RAPT Therapeutics (NASDAQ:RAPT) with an outperform rating, citing upcoming data for the company’s atopic dermatitis drug.
Evercore noted the Phase 2b data for the oral medication is due in mid-2024 after the trial was delayed a year due to recruiting timelines.
“RAPT has a real chance at demonstrating an efficacy signal. And it doesn’t have to be blowout efficacy—the bar is different for orals,” Evercore analyst Umer Raffat said in his note.
Raffat added that he viewed the company’s risk/reward as “very good at these levels.”
Evercore didn’t state a price target for the stock.