FDA Clinical Hold, Competitive Pressure Drive Aardvark Therapeutics Downgrade as Price Target Slashed from $18 to $4
Bank of America Securities analyst Tazeen Ahmad downgraded Aardvark Therapeutics to a Sell rating and slashed its price target from $18 to $4. This downgrade is due to an FDA clinical hold on the company's lead program, ARD-101, following cardiac issues in trials. Increased regulatory hurdles and growing competition from other treatments for Prader-Willi syndrome also contributed to the revised outlook.