- Cantor assumes coverage of RAPT Therapeutics Inc (NASDAQ:RAPT) with an Overweight rating and a price target of $44 (vs. $58 previously).
- The analyst says the company's RPT193 (lead inflammation drug) could be a $3 billion drug in just atopic dermatitis (AD) indication, as it expects AD to outperform psoriasis.
- Cantor suggests that ‘193 is the leading oral drug in mid-to late-stage development with use in a broader population (not limited to refractory patients like JAKs) and with a clean safety profile.
- In the phase 1 study, RPT193 showed a rapid onset of action with the separation of EASI scores at just four weeks.
- RPT193 showed a 36.3% improvement from baseline in the Eczema Area and Severity Index (EASI) score, compared to 17.0% in the placebo group.
- In the two weeks following the treatment, the RPT193 group showed continued improvement and further separation from the placebo, with a 53.2% improvement compared to 9.6% in the placebo group.
- Yesterday, the company initiated its Phase 2b trial to assess the efficacy and safety of three dose levels of RPT193 as monotherapy in AD patients.
- Today, RAPT Therapeutics announced a $50 million PIPE financing from the sale of pre-funded warrants to purchase up to 4 million shares at $12.4999 to Redmile Group.
- Price Action: RAPT shares are up 9.20% at $13.65 during the market session on the last check Wednesday.
