BTIG Downgrades Aardvark Therapeutics Inc (AARD) to Neutral

BTIG analyst Jeet Mukherjee downgraded Aardvark Therapeutics Inc (NASDAQ: AARD) from Buy to Neutral.

The analyst comments "The FDA has placed a full clinical hold on ARD-101, escalating from AARD's voluntary pause announced in Feb and formally halting the ph 3 HERO trial and its OLE. We connected with mgmt following the announcement, who noted that the 68 pts dosed in HERO and 19 in the OLE are insufficient to support regulatory approval, and that a new trial will be required. While mgmt noted their FDA interactions have been constructive regarding steps needed to understand the QRS signal and potential future trials designs, we think the near-term path for the stock requires three things to go right: a clear understanding of drug exposure levels and QRS signal, a positive signal of efficacy from the unblinded HERO data, and execution of viable registrational path all within a cash runway through mid-2027 per co guidance. While mgmt is working expeditiously to forge a future for ARD-101, these three factors together plus a lack of concrete timelines makes it hard to lean into AARD at this juncture, and until we get more clarity on several of these points, we are stepping to the sidelines. Downgrading to Neutral."

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 $6.73 yesterday.

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