Leerink Partners Downgrades Rapt Therapeutics (RAPT) to Market Perform

Leerink Partners analyst Thomas Smith downgraded Rapt Therapeutics (NASDAQ: RAPT) from Outperform to Market Perform with a price target of $58.00 (from $60.00).

The analyst comments: "We are downgrading RAPT to Market Perform (from Outperform) following the recently announced acquisition by GSK (Not Rated) for $58 per share in cash, representing a total equity value of ~$2.2bn. We view the acquisition of RAPT as complementary to GSK's respiratory and inflammation & immunology (RI&I) pipeline, which currently lacks clinical-stage anti-IgE antibodies. Further, GSK has no ongoing clinical trials in food allergy and urticaria—the current lead indications for RAPT's lead asset ozureprubart (RPT904, anti-IgE antibody)— suggesting minimal direct indication overlap and low regulatory (FTC) risk to deal closure. We are adjusting our PT to $58 to match the proposed deal terms and we expect the deal to close in 1Q26, in-line with GSK's stated guidance."

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

Shares of Rapt Therapeutics closed at $57.57 yesterday.

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