Rapt Therapeutics downgraded to Hold from Buy at Stifel

Stifel analyst Alex Thompson downgraded Rapt Therapeutics (RAPT) to Hold from Buy with a price target of $2, down from $7, following the recent zelnecirnon program termination. Rapt discontinued the program following FDA feedback suggesting there wasn’t a clear path to disprove drug-induced liver failure, the analyst tells investors in a research note. The firm says that given the lack of data disclosure and uncertainty around next-generation compound development likely necessitating a capital raise, it views Rapt as a “show-me story” until greater clarity can be reached.