Morgan Stanley Starts Aardvark Therapeutics Inc (AARD) at Overweight

Morgan Stanley analyst Michael E Ulz initiates coverage on Aardvark Therapeutics Inc (NASDAQ: AARD) with a Overweight rating and a price target of $29.00.

The analyst comments: "Aardvark Therapeutics is a clinical-stage biotech company focused on developing small molecules for the treatment of metabolic disorders associated with hunger (Exhibit 1). Using a novel approach targeting bitter taste receptors (TAS2R), the company aims to treat obesity and obesity related conditions beginning with hyperphagia (excessive hunger), including Prader-Willi syndrome (PWS) and hypothalamic obesity (HO). The company’s lead asset, ARD-101, has shown a favorable profile in a small open-label Ph2 study in PWS, with clean safety/tolerability and signs of meaningful clinical activity. Overall, we believe early data has shown proof of concept and expect Ph3 data in early 2026 to confirm the potential of ARD-101 in PWS and drive meaningful upside. In addition, there may be broad potential for the pipeline to drive further value, with additional indications for ARD-101 such as HO as well as broader potential in obesity with ARD-201 (fixed dose combo of ARD-101 and a DPP-4 inhibitor). As such, we initiate with an Overweight rating."

For an analyst ratings summary and ratings history on Aardvark Therapeutics Inc click here. For more ratings news on Aardvark Therapeutics Inc click here.

Shares of Aardvark Therapeutics Inc closed at $10.13 yesterday.

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