Guggenheim initiated coverage of Rapt Therapeutics Inc. (NASDAQ: RAPT) with a Buy rating and a $70 price target, citing optimism over the company’s lead anti-IgE antibody program and growth potential in the expanding food allergy treatment market.
The firm highlighted Rapt’s long-acting anti-IgE monoclonal antibody, RPT-904, as a key differentiator. The therapy incorporates a YTE mutation that extends its half-life to roughly three times that of Roche’s Xolair, the first-generation anti-IgE treatment recently approved for food allergies.
Analysts noted that Xolair’s rapid adoption has surpassed expectations, outpacing top-performing autoimmune drugs such as Dupixent (Regeneron), Ebglyss (Eli Lilly), and Skyrizi (AbbVie). Given that most food allergy patients are children, RPT-904’s less frequent dosing could provide a significant convenience advantage.
Guggenheim estimated that RPT-904 could address 20–30% of the patient population currently ineligible for Xolair due to high IgE levels or weight restrictions. A Phase IIb trial with around 100 participants is expected to start in 2026, with data anticipated in the first half of 2027. If approved, the firm projects peak sales of approximately $2.1 billion for RPT-904 in food allergy indications. With Rapt’s enterprise value near $765 million, Guggenheim sees substantial upside potential.
